Bull Flag

Bitcoin

Rekt

<div class="dailyhodl">
 A closely followed analyst says that altcoins are likely about to spark new rallies while Bitcoin (BTC) decides its next move.
 Pseudonymous trader Rekt Capital tells his 470,000 followers on the social media platform X that altcoins are at the beginning of the “hype cycle” phase where they find bottoms before making new impulses to the upside.
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 “Welcome to the Q2 Altcoin Hype Cycle
 The Altcoin Bottoming Out process is in progress.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GOGmYVZWoAAIwn-?format=jpg&amp;name=large" alt="Image" width="1280" height="720">
 <figcaption class="wp-caption-text">
 Source: Rekt Capital/X
 </figcaption>
 </figure>
 At time of writing, the total altcoin market capitalization is coming in at $294 billion, up from $76 billion in November of 2022 during the worst of the bear market.
 Looking at Bitcoin, Rekt Capital says BTC is potentially forming a bull flag on the monthly chart. Bull flags, as the name suggests, are typically seen as bullish technical setups that imply an upward impulse and then a brief consolidation before another move up.
 “Imagine if Bitcoin was forming a Monthly Bull Flag right now.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GOGnbl-WwAEcKrv?format=jpg&amp;name=large" alt="Image" width="1794" height="1266">
 <figcaption class="wp-caption-text">
 Source: Rekt Capital/X
 </figcaption>
 </figure>
 However, according to the trader, those looking for a longer and more robust bull market may prefer BTC to consolidate for longer before continuing upward. He says that a clean break of $71,500 could indicate that BTC is in for a shorter, faster bull run.
 “Extended consolidation here would get Bitcoin closer to resynchronising with historical Halving Cycles
 After all, the current acceleration in the cycle is still around 190 days (which is an improvement from the 260-day acceleration set in mid-March when BTC made new All Time Highs)
 On the one hand, investors understandably want a breakout, but that would entail an Accelerated Cycle, where Bitcoin would probably peak in its Bull Market sooner
 On the other hand, extended consolidation here would help with resynchronisation with historical Halving Cycles, resulting in a longer Bull Run
 There is no right or wrong answer – both cases are bullish
 It’s more a question of whether we get a shorter bull run or a typically long one
 History suggests we should see a typically long one but Bitcoin is one Weekly Close above the $71500 Range High from going against the grain of history once again.”
 At time of writing, Bitcoin is trading at $70,221.
 
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-analyst-says-it-s-time-for-altcoins-to-rally-predicts-new-bitcoin-breakout-amid-bullish-technical-setup-tbt89347.html">https://thebittimes.com/crypto-analyst-says-it-s-time-for-altcoins-to-rally-predicts-new-bitcoin-breakout-amid-bullish-technical-setup-tbt89347.html</a>

Crypto Analyst Says It’s Time for Altcoins to Rally, Predicts New Bitcoin Breakout Amid Bullish Technical Setup

TheBitTimes

2024년 5월 22일에 게재된 다른 기사

XRP Bullish Wave on the Horizon, Analyst Expects 30% Trendline Breakout as Trading Volume Shifts ...

Spot Ethereum ETF Takes Pivotal Role In U.S. Politics, Here’s How

WisdomTree Lists Crypto ETPs on LSE

Zack Morris Price Prediction: ZACK Surges 28% As This Other Solana Airdrop Meme Coin Hints At A N...

Enjinstarter Partners with ApeBond to Introduce a New EJS Bond

Bybit Web3’s Live Memecoin Mania Debate: Fad or Future?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!