Famed anonymous crypto analyst and strategist, Rekt Capital, claims that Bitcoin (BTC) is set to continue its rally after a solid performance in June. According to the analyst, altcoins, which have been lagging in performance compared to Bitcoin, might also be due for a rise.
Bitcoin’s Possible Scenario Summarized
The anonymous crypto analyst and strategist, Rekt Capital, asserted that the leading cryptocurrency Bitcoin, having surpassed the psychologically significant resistance level of $30,000 last month, still has plenty of room to continue its upward trajectory.
The analyst suggested that before its next ascent, BTC could make a minor retracement to retest the resistance it converted into support, stating, “The new monthly close in BTC was bullish. BTC entered a new range (black-red). A dip down to $29,250 for full confirmation before re-entering this range (black) would be healthy. Declines downward (black) would not be unusual. Overall, there’s a good upward movement.”
At the time of writing, the largest cryptocurrency is trading just below $31,000 at $30,938, marking a 0.79% increase in the last 24 hours.
It May Be Time for Altcoins to Rise in the Short Term
Rekt Capital also noted close attention to the Bitcoin dominance chart (BTC.D), suggesting that it might be time for altcoins to rise. According to the analyst, the BTC.D chart appears ready for a correction, which indicates that altcoins, which have been in Bitcoin’s shadow for a while, could be set for a climb:
If history is to repeat itself, BTC dominance will retreat in the short term, and many altcoins will move upward. After that, BTC dominance will likely resume its upward trend and may even rise up to 58% (green).
