A closely watched crypto analyst says altcoins may be entering a “hype cycle” phase to start the new year.
Pseudonymous analyst Rekt Capital shares with his 392,000 followers on social media platform
According to the trader, altcoin hype should rise sometime in mid-February and peak around early April.
“Altcoins may be slowly preparing for a Q1 Hype Cycle
Periods of lowest hype correspond to periods of lowest prices
Normally the lowest hype towards Altcoins is for a Q1 Hype Cycle between January and April.”
Zooming in on specific altcoins, Rekt Capital looks at Ethereum (ETH) Avalanche (AVAX). According to him, AVAX may form support around the $35 level.
“AVAX
Avalanche continues to successfully retest its Macro Downtrend as new support despite the downside volatility underneath.”
On the other hand, Rekt Capital says Bitcoin may have critical long-term resistance. His chart suggests that BTC is heading towards a long-term diagonal resistance line, which may take a few tries to get past if history is any indication.
“Bitcoin has immediately returned to the Macro Diagonal resistance.”
At the time of writing, Bitcoin is trading at $43,100.
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Featured image: Shutterstock/3000ad/Alexxxey