A widely followed crypto analyst says an artificial intelligence (AI) altcoin project could soon hit a new all-time high (ATH).
Pseudonymous crypto trader Rekt Capital tells With its 377,500 followers on social media platform
“FET performed a perfect retest of the purple level this week as support.
Try again to break past the red resistance.
Very close to challenging new all-time highs.
You just need to break this red resistance and turn it around for support.”
Looking at the strategist’s chart, Rekt Capital shows that FET has successfully retested the key $0.59 level and should turn the price level around $0.73 into support to reach a new ATH.
In September 2021, the FET reached its all-time high of $1.17. FET is trading at $0.77 at the time of writing, up 10.6% in the last 24 hours.
Then the trader predicts that Bitcoin (BTC) will not rise above $46,000 until 2024, based on historical price patterns
“Bitcoin never broke its four-year cycle resistance (black) in a year before the halving (candle three). But in the new candle four (2024), Bitcoin will comfortably break above $46,000.”
Bitcoin is trading at $43,939 at the time of writing, up 3.5% in the past 24 hours.
Finally, the trader notes that the total market capitalization of cryptocurrencies, excluding the top 10 digital assets by market capitalization, continues to test another major downside.
“The retest of Altcoin’s market cap is still ongoing.”
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Generated image: Midjourney