A crypto strategist who nailed the pre-halving Bitcoin (BTC) correction earlier this year says altcoins will likely rip once this large-cap coin takes center stage.
Pseudonymous analyst Rekt Capital tells his 517,800 followers on the social media platform X that a bullish Ethereum (ETH) would be very favorable for the altcoin market.
“An ETH breakout would lead the next wave of altcoin rallies.”
Looking at Ethereum, the trader says ETH is very close to sparking a high timeframe breakout.
“Ethereum is now pressing past the ~$3,700 resistance of its main pattern (light blue). A weekly close above the pattern top would kickstart a breakout and end the 2024 ETH downtrend.”
Ethereum has closed the latest weekly candle above $3,700.
At time of writing, Ethereum is trading for $3,731.
Late last month, Rekt said that Ethereum moving above $3,100 would trigger capital rotation from Bitcoin to ETH. He also shared a chart suggesting that capital would eventually move from ETH to mid-cap and subsequently lower-cap coins.
“A weekly close above the blue diagonal resistance ($3,100) would likely set up another wave in the money flow cycle as ETH would take control of large-cap money flow.”
As for Bitcoin, Rekt says the crypto king needs to rally above its immediate resistance to spark an upside burst toward the six-figure level.
“Bitcoin is now trying to press beyond the bull flag top.
A daily close above the bull flag resistance of ~$97,450 could kickstart additional trend continuation to get closer to challenging $100,000 once again.”
At time of writing, Bitcoin is trading for $97,891.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence…
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