A well-known crypto analyst, Rekt Capital, is predicting a significant surge in altcoin prices, but it all hinges on a couple of key players: Ethereum and Bitcoin.
Ethereum’s Crucial Role
Rekt Capital, who boasts a large following on X (formerly Twitter), believes a strong move by Ethereum (ETH) is the key to unlocking the next altcoin rally. He points to a crucial resistance level around $3,700. A weekly close above this level would signal a breakout and potentially end the current 2024 downtrend for ETH. As of writing, Ethereum is trading just above this mark, at $3,731. He previously predicted that ETH breaking above $3,100 would shift investment from Bitcoin to Ethereum, and then eventually to mid- and small-cap altcoins.
Bitcoin’s Part to Play
Bitcoin (BTC), according to Rekt Capital, also needs to make a move. He suggests that a daily close above approximately $97,450 would confirm a continuation of the upward trend, potentially pushing BTC towards the $100,000 mark. At the time of writing, Bitcoin is trading slightly above this level at $97,891.
The Bottom Line
In short, Rekt Capital’s prediction is that a strong upward movement in both Ethereum and Bitcoin will trigger a significant rally in the altcoin market. However, he cautions that this is just his analysis, and investors should always do their own research before making any investment decisions. The crypto market is inherently risky.
