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Cryptocurrency markets have seen a popular analyst suggesting that altcoins are likely to trigger new rallies as Bitcoin (BTC) prepares for its next move. The analyst also discussed the price movement of Bitcoin, the leading cryptocurrency.
“Get Ready for the Altcoin Cycle!”
The crypto analyst known as Rekt Capital claimed on social media platform X that altcoins are in the “hype cycle” phase, finding a bottom before rising. The expert said:
Welcome to the altcoin cycle. The process of altcoins hitting bottom continues.
At the time of writing, the total altcoin market cap had risen from $76 billion in November 2022, the worst of the bear market, to $294 billion. Discussing Bitcoin, Rekt Capital noted that BTC is potentially forming a bull flag on the monthly chart. Bull flags are typically seen as bullish technical setups that imply upward momentum followed by a brief consolidation before another upward move. The expert said:
Imagine Bitcoin is currently forming a monthly bull flag.
Consolidation Expected in Bitcoin
However, according to the analyst, those looking for a longer and stronger bull market may prefer BTC to consolidate for a longer period before rising. He noted that a clear break at $71,500 could indicate a shorter and faster bull run for BTC:
Extended consolidation here will bring Bitcoin closer to historical halving cycles. Ultimately, the current acceleration in the cycle is still around 190 days. On one hand, investors understandably want an exit, but this would require an accelerated cycle where Bitcoin peaks earlier in the bull market. On the other hand, extended consolidation here will help synchronize with historical halving cycles and result in a longer bull run. Both scenarios point to a rise. Bitcoin once again defied history with a weekly close above the $71,500 high range.
At the time of writing, Bitcoin is trading at $70,221.
