A Crypto Analyst Predicts One Last Breakout Rally for Bitcoin Before Altcoins Shine
A popular crypto analyst suggests that Bitcoin may experience one final breakout rally before altcoins begin to outperform BTC. The analyst, known as Rekt Capital, shared his insights with his extensive following on X, a social media platform.
Bitcoin Dominance Metrics
The analyst highlighted the Bitcoin dominance (BTC.D) metric as a key indicator to watch. BTC.D calculates the percentage of the total cryptocurrency market cap that belongs to Bitcoin. A peaking Bitcoin dominance chart typically signals that altcoins are likely to surpass BTC in performance.
Rekt Capital emphasized, “Bitcoin dominance has one final leg left in its macro uptrend on the road to 71%. Any dips into 64% would constitute a retest. A successful retest would enable final trend continuation on the road to 71%.“
Currently, Bitcoin dominance stands at 64.82%, indicating a potential shift in market dynamics.
Key Support Levels for Bitcoin
Rekt Capital also outlined crucial support levels for Bitcoin on the weekly chart. He noted that Bitcoin must maintain support around $93,500 to sustain its bullish momentum.
According to the analyst, “Bitcoin has rejected from the lower high resistance. Going forward, Bitcoin will need to hold the $93,500 range low to fully confirm a reclaim of the range.“
Potential Price Action for Bitcoin
Looking ahead, the analyst suggested that Bitcoin could follow a similar pattern observed in April of 2024 on the weekly chart. If history repeats itself, Bitcoin may eventually achieve new all-time highs.
Rekt Capital explained, “For history to repeat, BTC would need to reject from $99,000, hold $93,500, break $97,000-$99,000, reject from $104,500, hold $97,000-$99,000 as support, and breakout to new all-time highs.“
As of the latest update, Bitcoin is trading at $94,604, showing a 1.1% decrease in the past 24 hours.
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