A cryptocurrency strategist who successfully orchestrated Bitcoin’s (BTC) halving earlier this year said altcoins are likely to get ripped off if the large coin gains traction.
Household analyst Rekt Capital told his 517,800 followers on social media platform
“not ETH Breakout will lead to next altcoin rally.”
Looking at Ethereum, the trader says ETH is very close to triggering a higher period breakout.
“Ethereum is currently breaking above the ~$3,700 resistance of the main pattern (light blue). A weekly close above the top of the pattern will initiate a breakout and end the 2024 ETH downtrend.”
Ethereum closed its latest weekly candle above $3,700.
As of this writing, Ethereum is trading at $3,731.
Late last month, Rekt said that a rise in Ethereum above $3,100 would trigger a capital rotation from Bitcoin to ETH. He also shared a chart suggesting that capital will eventually move from ETH to mid-cap and then small-cap coins.
“A weekly close above the blue diagonal resistance ($3,100) is likely to trigger another wave in the fund flow cycle as ETH takes control of large-cap fund flows.”
As for Bitcoin, Rekt says the cryptocurrency king will need to rally above immediate resistance to trigger a rally to six-figure levels.
“Bitcoin is now trying to move beyond the bull market.
A daily close above the bull flag resistance of ~$97,450 could begin a further trend continuation and bring us closer to the $100,000 challenge once again.”
As of this writing, Bitcoin is trading at $97,891.
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