A well-known crypto analyst, Rekt Capital, is predicting good things for Bitcoin and altcoins. Capital, who correctly predicted a Bitcoin price correction earlier this year, now sees a continued upward trend for BTC.
Bitcoin’s Upward Trajectory
Rekt Capital, boasting a large following on X (formerly Twitter), points to Bitcoin’s recent price action as confirmation of this bullish trend. He highlights Bitcoin’s successful flip of a previous resistance level at $60,000 into a support level. This, he says, sets the stage for further price increases. He even suggests that Bitcoin’s recent break above the $100,000 psychological resistance level is a major positive sign. A daily close above $101,165 would solidify this, according to his analysis. At the time of writing, Bitcoin is trading above $102,000.
Altcoin Market Shows Signs of Recovery
Looking beyond Bitcoin, Rekt Capital also sees positive signs in the altcoin market. He’s focusing on the “OTHERS” chart, which tracks the total market cap of all cryptocurrencies excluding the top 10 and stablecoins. He believes this chart has found a bottom around $315.57 billion, after testing a previous resistance level as support. At the time of writing, the OTHERS market cap sits at $381.19 billion.
The Bottom Line
Rekt Capital’s analysis suggests a bullish outlook for both Bitcoin and the broader altcoin market. However, it’s crucial to remember that cryptocurrency investments are inherently risky, and this is just one analyst’s opinion. Always do your own research before investing.
