A widely followed cryptocurrency trader analyzes the bullish and bearish price activity of Bitcoin (BTC), Solana (SOL), and altcoins in general.
The trader goes by the pseudonym Rekt Capital Tells He told his 390,400 followers on social media platform X that BTC is about to face its moment of truth.
“Bitcoin's moment of truth
Green arrows show good retests of the lower range as support.
But this current bounce may turn the old low range into new resistance.
However, a daily close above the lower range and then a one-week close would restore the range.
BTC is worth $41,952 at the time of writing, up 6% in the past 24 hours. According to Rekt Capital, this latest jump will have an impact impact In the alternative currency markets course.
“Yesterday, the Q1 Altcoin hype cycle was in doubt.
Today BTC moved +3% and suddenly there is new hope.
The reality is that Bitcoin may continue to fluctuate in the near term but that should not affect your view on what lies ahead in the coming weeks.
Taking a deeper dive into the altcoin cycle, the analyst shares a chart and Asks Question – Is the hype around altcoins about to pick up?
“Is the Q1 Altcoin hype cycle slowly approaching?
Minimum noise = peak financial opportunity (green)
Loudest noise = peak financial risk (red)”
Looking at one altcoin in particular, Rekt Capital He says Solana stock is expected to decline slightly before continuing its rise.
He added: “Solana is completely on the orange path.”
+15% increase since green zone”
SOL is trading at $93.20 at the time of writing, up nearly 9% in the past 24 hours.
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Featured image: Shutterstock/happyframe/Sol Invictus
