Bitcoin Pre-Halving Rally ‘Has Begun,’ but Ethereum and Altcoins Will Follow BTC – Here’s Why
According to analyst Rekt Capital’s newsletter, the Bitcoin “Pre-Halving Rally” phase began earlier than expected. Rekt Capital noted that Bitcoin had broken away from its Pre-Halving Downside period and entered a new Pre-Halving Rally phase. “The Pre-Halving Rally phase has begun, a little ahead of schedule,” noted Rekt Capital.
This Bitcoin breakout has major implications for the wider altcoin market. Rekt Capital explained that it is “kickstarting a new Money Flow Cycle.” Altcoins have started to react to Bitcoin’s new pre-halving rally stage. Besides, Rekt Capital analyzed that altcoin market capitalization broke out from its bullish pennant formation over the past few weeks, representing a historic breakout from this structure.
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Breaking Out: Altcoins Follow Bitcoin’s Lead
As Rekt Capital pointed out, “After extended consolidation at highs, Altcoin Market Cap is ready for a new uptrend. Historically, yellow-circled retests have preceded uptrends to revisit the blue level at $250bn, which would set up another retest (blue-circled retest). Altcoins are going to increase in valuations over the coming several weeks.” Hence, with the altcoin market cap breakout, valuations of individual altcoins like Ethereum are anticipated to rise.
Rekt Capital discussed Ethereum’s price movement in detail . As predicted, Ethereum has rallied 15% from its range low and is moving towards its range high of $2791. “Generally, the fact that Altcoin Market Cap and Ethereum have broken out, shows that Ethereum is following Bitcoin and with time – Altcoins will too,” noted Rekt Capital.
Altcoins Bottoming Out for a Bullish Cycle
Moreover, this timing is beneficial as altcoins are currently in their lowest hype period for Q1 after experiencing significant retracements from late 2023 highs, according to Rekt Capital’s analysis. “Now, Altcoins should be bottoming in preparation for their next wave up,” commented Rekt Capital.
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Show more +As per highly-regarded analyst Rekt Capital, the Bitcoin halving pre-rally has started alongside bullish breakouts in the altcoin market cap and Ethereum price. Individual altcoins are anticipated to follow the upward trajectory of Bitcoin and Ethereum over the coming weeks as they bottom out of their low hype cycle.
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