Crypto strategists who predicted the Bitcoin (BTC), pre-halving correction, earlier in this year predict that altcoins are likely to rip as soon as this coin with a large market cap takes centre stage.
Rekt capital, a pseudonymous analyst on social media platform X tells its 517.800 followers that a bullish Ethereum would be favorable for altcoins.
The trader believes that Ethereum is close to triggering a breakout on a higher time frame.
The main Ethereum pattern is pushing past the resistance level of $3,700 (in light blue). The weekly close would be required to initiate a break and stop the downtrend in 2024 for ETH .”
Ethereum’s latest weekly candle closed above $3700.
Ethereum currently trades for $3.731.
Rekt stated late last month that Ethereum’s rise above $3,100 will trigger capital to move from Bitcoin into ETH. Rekt also posted a chart that suggested capital would move eventually from ETH into mid-cap, and then lower-cap coins.
Rekt believes that Bitcoin needs to rise above the immediate resistance in order to ignite a surge upwards towards the six-figure mark.
Bitcoin is trying to push beyond the bull-flag top.
“A daily close above bull flag resistance $97.450 could start additional trend continuation in order to challenge $100,000 once more.”
Bitcoin currently trades for $97.891.
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