Rekt Capital believes that Bitcoin has reached a local bottom at $57,000 and has entered the accumulation phase.
The expert also pointed to the growth of the altcoin sector and the reversal of the DOGE trend.
Trader and analyst Rekt Capital announced the exit of the first cryptocurrency from the post-halving “danger zone” and the beginning of the re-accumulation phase.
#BTC
It's phenomenal to see Bitcoin repeat a historical price tendency from a cycle that occurred 8 years ago$BTC #Crypto#Bitcoin https://t.co/FHKoyDdJQDpic.twitter.com/ibrMUfLlYX— Rekt Capital (@rektcapital) May 6, 2024
According to the expert’s observations, in 2016, after the reward for miners was halved, Bitcoin showed a long red candle on the weekly chart, decreasing by 17%.
This time the pattern repeated itself, but the correction was only 6%, Rekt Capital indicated.
Comparison of Bitcoin cycles in 2016 and 2024. Data: Rekt Capital.
The first cryptocurrency reached a local bottom at around $57,000, but then grew by 15% and again entered the “re-accumulation range” (red zone on the chart).
The analyst noted that technically the “danger zone” will continue until the end of this week, until the third seven-day candle after the halving closes. At the same time, from a price point of view, the “reverse effect” has already occurred.
At the time of writing, digital gold is trading at $63,800, having barely changed in price over the past 24 hours.
15-minute BTC/USDT chart of the Binance exchange. Data: TradingView.
MN Trading founder Michael van de Poppe pointed to Bitcoin consolidating above $60,000, but drew attention to the “lack of retail investors.” According to his forecast, in the event of another correction, the coin will fall to approximately $55,000.
#Bitcoin above $60K and retail isn't here.
This range is completely fine as long as #Bitcoin holds above $60K.
Altcoins slowly waking up. pic.twitter.com/LR7LoGIOig— Michaël van de Poppe (@CryptoMichNL) May 6, 2024
“This range is quite acceptable as long as Bitcoin stays above $60,000. Altcoins are slowly waking up,” he added.
Altcoin Awakening
Rekt Capital noted that the OTHERS indicator, which tracks the market capitalization of all but the top ten cryptocurrencies, has successfully tested the $250 billion support level and is poised to break higher.
$ALTS
Altcoin Market Cap has successfully retested the $250bn level as support over the past several weeks and is now showing initial signs of trying to curl up from here#BTC #Crypto #Bitcoinhttps://t.co/lQBbb3XWOPpic.twitter.com/9d9q241NwP— Rekt Capital (@rektcapital) May 6, 2024
The trader named the first target at $315 billion, then the growth will continue to $425 billion. Such indicators indicate the beginning of activity in the altcoin sector.
Rekt Capital also reported that Dogecoin (DOGE) broke through the multi-year resistance level at $0.126, which has now turned into support.
$DOGE
Dogecoin has just flipped a multi-year resistance into new support
The Macro Downtrend is over
A new Macro Uptrend has officially been confirmed#DOGE #Crypto #dogecoinpic.twitter.com/oo8nluWEnF— Rekt Capital (@rektcapital) May 5, 2024
“The macro downtrend is over. The new macro-upward trend has been officially confirmed,” he concluded.
The analyst's chart suggests the next major targets for the meme token are at $0.20 and $0.278.
At the time of writing, the asset is trading around $0.16, and its capitalization is $23 billion.
15-minute DOGE/USDT chart of the Binance exchange. Data: TradingView.
Earlier, Santiment experts pointed out signs of a possible onset of the altseason. This is evidenced by a decrease in transaction fees on the Ethereum network to a six-month minimum ($1.12).
Let us remind you that the PlanB analyst predicted the beginning of the growth of altcoins in the summer, followed by a correction in the third quarter.
