Rewritten Article
Anticipated 'Authentic Cryptocurrency Upswing' Predicted by Crypto Expert to Commence
Hey there, crypto fan! Get ready to dive into the latest cryptocurrency update.
Today, a well-known analyst in the crypto world, called Rekt Capital, shares his thoughts about a potential altcoin rally outpacing Bitcoin (BTC). He's mentioned on X, his popular social media platform, that a key metric may soon push altcoins into the limelight.
The metric they're referring to is Bitcoin dominance (BTC.D). This measure helps us understand if altcoins are outperforming Bitcoin, as it calculates the percentage of the crypto market cap dedicated to BTC. At the moment, BTC dominance is at 63.33%, but Rekt Capital believes it could hit pivotal levels in the coming future.
"Mark my words, if history repeats, the altseason we've all been waiting for could kick off once Bitcoin dominance plummets close to or directly from 71% (red)."
Rekt Capital also points out that BTC.D might reclaim 64% as support on a monthly chart, mimicking the patterns of 2019, when the metric reached 71% before falling into a decline.
"You heard it here first: BTC dominance is strongly repositioning itself for a reclaim of 64%. It's likely it reclaims 64% in a manner that closely resembles its 2019 resurgence."
Interestingly, Rekt Capital suggests that Bitcoin might be on the brink of a new phase in its journey after experiencing a lengthy consolidation period.
"Prepare for some exciting price action ahead: Bitcoin is trying to finalize its first price correction, paving the way for an uptrend to new all-time highs."
At the time of writing, Bitcoin is trading for $94,344, down 1% in the last 24 hours.
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- In his recent analysis, Rekt Capital suggests that a potential rally of altcoins could outpace Bitcoin, citing a key metric, the Bitcoin dominance, as a potential indicator.
- Rekt Capital predicts that if history repeats, a significant fall in Bitcoin dominance could trigger an altcoin season, similar to 2019 trends.
- The analyst also points out that a monthly chart could show BTC dominance reclaiming 64%, mimicking its 2019 resurgence, and potentially signaling the start of an altcoin rally.
- As Bitcoin continues to experience consolidation, Rekt Capital advises investors to prepare for potential price action and an uptrend towards new all-time highs.
