A single catalyst could send the altcoin market soaring for months, according to a closely watched cryptocurrency analyst.
An analyst known by the pseudonym Recto Capital told his 100,000 YouTube subscribers that “life will change in the coming months” if Ethereum (ETH) breaks through a key resistance level. .
“A breakout would allow for massive inflows into smaller altcoins. And Ethereum’s new all-time highs would be a huge leap forward for all other altcoins. It will be a major catalyst.”
According to the trader, ETH would need to break above $4,000 to trigger a massive altcoin rally.
“Weekly deadlines and successful retests.” [at the $4,000 level] This essentially made it possible to hit new all-time highs. So if we actually run a weekly trade here and retest this, we'll end up with $4,500. [$4,000 level] As a support. This would allow us to revisit the previous highs, and perhaps once we break above $4,500, we would essentially bounce back toward new highs and price discovery. ”
Source: Rekt Capital/YouTube
At the time of writing, Ethereum is trading at $3,595.
He also shared an OTHERS chart showing the crypto market capitalization excluding the top 10 coins to gauge the strength of the altcoin market, suggesting that altcoins could skyrocket like they did in 2021. are.
“Currently, there is a weekly close and retest here, and if the retest here is successful, an upside range from $315 billion to $425 billion would be possible…
When the area was closed and retested weekly [in 2021]saw the market capitalization of altcoins expand to an all-time high. Essentially…
If it can hold here for a few weeks, it could move to $425 billion. ”
Source: Rekt Capital/YouTube
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