Crypto enthusiasts are eagerly watching the market as a prominent crypto strategist predicts that altcoins are poised to surge once Bitcoin takes center stage. The analyst, known as Rekt Capital, accurately predicted the pre-halving Bitcoin correction earlier this year and now believes that a bullish Ethereum could trigger a wave of altcoin rallies.
In a recent update shared with his large following on X, Rekt Capital emphasized the significance of an Ethereum breakout for the broader altcoin market. He stated, “An ETH breakout would lead the next wave of altcoin rallies,” hinting at the potential for significant price movements in the altcoin space.
Taking a closer look at Ethereum’s current position, the trader highlighted that ETH is on the cusp of sparking a high timeframe breakout. With Ethereum pushing past the $3,700 resistance level of its main pattern, Rekt Capital suggested that a weekly close above this level could kickstart a breakout and potentially end the downtrend that has been plaguing ETH since 2024.
Ethereum has already closed the latest weekly candle above $3,700 and is currently trading at $3,731. Rekt Capital previously mentioned that a move above $3,100 for Ethereum could trigger a rotation of capital from Bitcoin to ETH, with the possibility of further capital flow from ETH to mid-cap and lower-cap coins.
As for Bitcoin, Rekt Capital highlighted the need for the crypto king to rally above its immediate resistance to pave the way for a potential move towards the six-figure level. He emphasized, “Bitcoin is now trying to press beyond the bull flag top. A daily close above the bull flag resistance of ~$97,450 could kickstart additional trend continuation to challenge $100,000 once again.”
At the time of writing, Bitcoin is trading at $97,891, showing signs of potential upside momentum if it can break through key resistance levels. Crypto enthusiasts are advised to stay tuned for further developments in the market and consider subscribing to receive email alerts for timely updates.
In conclusion, the crypto market is abuzz with anticipation as altcoins stand ready to rally once Bitcoin and Ethereum make their respective moves. With the potential for significant price movements on the horizon, investors are advised to stay informed and monitor market developments closely.