One cryptocurrency analyst says altcoins could enter a “hype cycle” phase to start the new year.
Household analyst Rekt Capital shares with his 392,000 followers on social media platform
According to traders, the altcoin hype will rise in mid-February and peak in early April.
“Altcoins may be slowly preparing for the first quarter Hype Cycle.
The lowest hype period corresponds to the lowest price period.
Typically, the lowest period of altcoin hype in the first quarter hype cycle is between January and April.”
Rekt Capital zooms in on specific altcoins, looking at Ethereum (ETH) Avalanche (AVAX). According to him, AVAX is potentially forming support near the $35 level.
“Avex
The Avalanche is successfully retesting the Macro Downtrend with new support despite downward volatility occurring below it.”
On the other hand, Rekt Capital says Bitcoin could face significant resistance in the long term. His chart suggests that BTC is breaking through long-term diagonal resistance, and if history is any indicator, it may take a few attempts to break through.
“Bitcoin immediately reversed into macro diagonal resistance.”
As of this writing, Bitcoin is trading at $43,100.
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