Here’s When Altcoins Will Bottom Out and Enter the Next ‘Hype Cycle,’ According to Crypto Analyst
A highly regarded analyst is predicting when altcoins will recover from their current downturn and enter into the next “hype cycle.” Rekt Capital, a pseudonymous analyst with a large following on social media, suggests that altcoin market cycles typically occur in quarterly waves, with the most recent cycle reaching its peak this month.
According to Rekt, altcoins may reach their lowest point in late May or early June before embarking on a new “hype cycle” in July. He states, “Altcoins are following the plan… Altcoins bottomed in early February. Altcoins sold off around the BTC Halving. Altcoin to bottom early summer.”
While examining Bitcoin, Rekt believes that despite its correction from its all-time highs, the cryptocurrency is still in a bull market. The trader suggests that BTC will experience a dip just significant enough to create doubt in the minds of bullish investors before reversing its course. Rekt states, “Bitcoin will retrace deep enough to convince you that the bull market is over. And then it will resume its uptrend.”
Rekt expects Bitcoin to consolidate between $60,000 and $70,000 for several weeks before continuing its ascent after the upcoming halving event, which reduces miners’ rewards by half. He describes the current phase as the transitional period between the pre-halving retrace and the re-accumulation phase. The recent rejection from $70,000 has provided insights into the high resistance level of the re-accumulation range and the focus now shifts to identifying the low range. With a potential bottom around $60,000, BTC could consolidate within the $60,000 to $70,000 range in the coming weeks leading up to and beyond the halving.
At the time of writing, Bitcoin is trading at $66,360, reflecting a 2% increase over the past 24 hours.
Source: Rekt Capital/X