A widely followed cryptocurrency trader is analyzing Bitcoin's up and down price activity (btc), sunny (SUN) and altcoins in general.
Pseudonymous trader Rekt Capital says his 390,400 followers on social media platform X that BTC is about to face its moment of truth.
โMoment of truth for Bitcoin
The green arrows show good retests of the Low Range as support.
But this current rally could turn the old range low into new resistance.
However, a daily close above the range low and then a one-week close would recapture the range.โ
BTC is worth $41,952 at the time of writing, up 6% in the last 24 hours. According to Rekt Capital, this recent jump will have a impact about the cycle of altcoin markets.
โYesterday the first quarter altcoin hype cycle was called into question.
Today BTC has moved +3% and suddenly there is new hope.
The reality is that it is very possible that Bitcoin will continue to fluctuate in the short term, but that should not affect your view of what the coming weeks have in store.โ
Going deeper into the altcoin cycle, the analyst shares a chart and ask The question: Is enthusiasm for altcoins about to skyrocket?
โIs the Q1 altcoin hype cycle slowly approaching?
Less advertising = maximum financial opportunity (green)
Greater hype = maximum financial risk (red)"
Looking at one altcoin in particular, Rekt Capital says expect Solana to fall slightly before continuing its recovery.
โSolana perfectly follows the orange path
+15% more from the green zoneโ
SOL is trading at $93.20 at the time of writing, up almost 9% in the last 24 hours.
Don't miss a moment โ Subscribe to receive email alerts directly to your inbox
Check price action
Follow us Twitter, Facebook and Telegram
Browse Hodl's Daily Blend
ย
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and trading are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/happyframe/Sol Invictus
