The crypto market, that fickle beast, still limps along, nursing its wounds from the March crash. Sentiment wobbles like a drunkard on a tightrope, and the Fear & Greed Index clings stubbornly to the “fear” zone. Yet, Bitcoin, that old warhorse, inches toward $90,000, whispering sweet nothings to the altcoins, who perk up like hopeful puppies at the sound of a treat bag.
Enter Rekt Capital, the soothsayer of X, who has reignited the embers of hope for an altcoin season. With a flourish of charts and cryptic commentary, the analyst suggests that a breakout is nigh—provided one critical condition is met. A weekly close above a certain level, and the altcoin market could be off to the races. 🏇
The altcoin market cap, that barometer of collective crypto dreams, hit a multi-month low in early March, tumbling below $200 billion. But like a phoenix (or perhaps a cockroach), it has been clawing its way back up, now hovering around $249 billion. Rekt Capital, with the gravitas of a chess grandmaster, declares that a weekly close above $250 billion would be the game-changer. 🎲
This $250 billion mark, highlighted in blue on the chart, is the resistance level that could make or break the altcoin season. A decisive close above it, and the market could surge toward $315 billion, marked in red. Such a move wouldn’t just be a blip on the radar; it would signal that the bottom is in, and the bulls are ready to charge. 🐂
But even if the market cap rockets to $315 billion, it’s still a far cry from the December 2024 high of $451 billion. The road to recovery is long, and the altcoins have their work cut out for them. 🛠️
The current correction, a mere 55% drawdown from the $451 billion peak, is notably shallower than previous bear market retracements of 69% and 85%. This, according to Rekt Capital, is a sign of growing market maturity. Selling pressure is waning, and the bulls are gathering their strength for a stronger push. The $425 billion resistance level is weakening, increasing the chances of a breakout on the next attempt. 🎯
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2025-03-28 03:41