Crypto analyst Rekt Capital indicates Bitcoin may soon rally one last time before altcoins rise. Current BTC dominance is at 64.82%, with potential rises expected to peak at 71%. Bitcoin must hold the $93,500 support level to maintain momentum. At present, Bitcoin is trading at $94,604.
A leading crypto analyst has made waves, suggesting Bitcoin might be gearing up for one last major rally before altcoins potentially take charge. The analyst, who is known as Rekt Capital on social media platform X, shared with over 546,300 followers that Bitcoin’s dominance, measured by the BTC dominance (BTC.D) metric, is nearing its peak, which could be a precursor for altcoin surges.
BTC dominance assesses the proportion of the total cryptocurrency market capitalisation represented by Bitcoin. A peak in this metric could signal that altcoins are ready to rise above BTC’s performance, which could lead to explosive growth. Currently, Rekt Capital is predicting that Bitcoin dominance will execute one final surge towards 71%, with potential dips into the 64% territory marking crucial retests.
As of now, Bitcoin’s dominance is reported to be at 64.82%. For the path to a bullish trend to continue, Rekt Capital suggests that Bitcoin must hold a significant support level at $93,500 on its weekly charts. This level is critical as Bitcoin has recently encountered some resistance.
The analyst noted that Bitcoin has faced rejection near the lower high resistance level and for sustained bullish movement, it must retain this $93,500 range. If it can hold this line, the potential for Bitcoin to repeat a successful price pattern from April 2024 could materialise, leading to new all-time highs. Rekt brought this idea forward back in mid-October 2024, which ultimately came to fruition.
To see history repeat itself, Bitcoin will have to navigate some critical price points: rejecting at $99,000, holding the $93,500 mark, breaking through $97,000 to $99,000, facing a rebound at $104,500, and finally establishing support at the $97,000 to $99,000 band before ultimately breaking out to new highs.
Currently, Bitcoin is trading at $94,604, experiencing a slight decrease of 1.1 percent over the past day. The forecasts and analysis present an intriguing outlook for Bitcoin and the broader crypto market, in a potentially transformative phase for altcoins to shine.
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