Crypto analyst Rekt Capital, Bitcoin $101,782.3He noted that (BTC) has successfully predicted the pre-halving correction and that further bullish moves are likely as BTC shows positive signals on multiple time frames.
Bitcoin Strengthens Support Level
Rekt Capital stated that Bitcoin turned the previous resistance level into a support level in the three-month time frame, and this increased the possibility of BTC continuing its upward trend.
“Post-breakout quarterly retest and trend continuation confirmed.”
Overcame Psychological Resistance
The analyst stated that Bitcoin broke the $100,000 psychological resistance level, which is a positive sign for BTC.
“Needs a daily close above $101,165.”
Altcoin Market Is Also Getting Better
Rekt Capital paid attention to the “OTHERS” chart to monitor the altcoin market. This chart tracks the total market cap of all cryptocurrencies excluding the top 10 digital assets and stablecoins. The “OTHERS” chart formed a bottom at approximately $315.57B after retesting the previous resistance area as support.
“The Altcoin Market Cap finds a bottom in the green circled area.”
“This area has acted as a historical point of rejection but now is acting as support.”
In light of these developments, it seems that Bitcoin is in a strong position in the current market conditions and altcoins are also solidifying their support levels. Investors can also find potential opportunities in the altcoin market in line with Bitcoin’s trend.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
