Crypto analyst breaks down the recovering market cycles of Bitcoin (BTC), Solana (SOL), and altcoins
A widely followed crypto trader analyzes the rising and falling price activity of Bitcoin (BTC), Solana (SOL), and altcoins in general.
Pseudonymous trader Rekt Capital tells his 390,400 followers on social media platform X that BTC is on the verge of a moment of truth.
“Moment of truth for Bitcoin
Green arrows show good retests of the range low as support.
But this current bounce could turn the old range low into new resistance.
However, a daily close above the range low and later a one-week close would restore the range.”
Source: Rekt Capital/X
At the time of writing, BTC is worth $41,952, up 6% in the last 24 hours. According to Rekt Capital, this latest jump will have an impact on the altcoin market cycle.
“Yesterday the Q1 altcoin hype cycle was doubted.
Today BTC is up +3% and suddenly there is new hope.
The reality is that Bitcoin may well continue to fluctuate in the short term, but that shouldn’t affect your view of the coming weeks.”
The analyst dives deeper into the altcoin cycle, shares a chart and asks the question: Is the altcoin hype about to spike?
“Is the Q1 altcoin hype cycle slowly approaching?
Lowest hype = highest financial opportunity (green)
Highest hype = highest financial risk (red)”
Source: Rekt Capital/X
Looking at one altcoin in particular, Rekt Capital expects Solana to decline slightly before continuing its rally.
“Solana follows the orange path perfectly
+15% increase since the green zone”
Source: Rekt Capital/X
At the time of writing, SOL is trading at $93.20, up nearly 9% in the last 24 hours.
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