A popular crypto analyst believes the altcoin market is poised for a big jump.
Altcoins Ready to Break $425 Billion Barrier?
Rekt Capital, a well-known crypto trader with a large following on X (formerly Twitter), forecasts that the altcoin market cap (the total value of all cryptocurrencies excluding the top ten) will soon surpass the $425 billion mark. He points to a shallower retracement from this level compared to previous dips. This, he argues, suggests the $425 billion resistance is weakening and a breakout is likely. Currently, the altcoin market cap sits at $271.27 billion.
Why the Optimism?
Rekt Capital highlights that the recent pullback from the $425 billion level was less severe than previous drops. The previous retractions saw declines of 69% and 85%, while the current one is only 51%. This milder correction, he believes, indicates a stronger potential for a future rally.
Bitcoin’s Near-Term Outlook
The analyst also shared his thoughts on Bitcoin (BTC). He predicts a period of sideways trading in the near term, with the price likely to stay between $98,300 and $101,000. At the time of writing, Bitcoin is trading around $96,860.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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