A closely followed crypto analyst says that altcoins could be entering into what he describes as a “hype cycle” phase to start the new year.

Pseudonymous analyst Rekt Capital shares with his 392,000 followers on the social media platform X a chart suggesting that altcoins go through cycles of hype that peak roughly every three months.

According to the trader, altcoin hype should rise sometime in mid-February and peak around the beginning of April.

“Altcoins may slowly be preparing for a Q1 Hype Cycle

Periods of lowest hype correspond to periods of lowest prices

Typically, lowest hype towards Altcoins for a Q1 Hype Cycle is between January and April.”

Source: Rekt Capital/X

Zooming in on specific altcoins, Rekt Capital looks at Ethereum (ETH) Avalanche (AVAX). According to him, AVAX is potentially forming support near the $35 level.

“AVAX

Avalanche continues to successfully retest its Macro Downtrend as new support, despite whatever downside volatility has occurred below it.”

Source: Rekt Capital/X

On the other hand, Rekt Capital says that Bitcoin may be at a critical long-term resistance. His chart suggests that BTC is brushing up against a long-term diagonal resistance line, which may take a few attempts to get past if history is any indicator.

“Bitcoin has reversed straight back into the Macro Diagonal resistance.”

Source: Rekt Capital/X

At time of writing, Bitcoin is trading at $43,100.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check

Go to Source to See Full Article
Author: Alex Richardson

Did you like this?
Tip BTC Newswire with Cryptocurrency

Donate Bitcoin to BTC Newswire

Scan to Donate Bitcoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to BTC Newswire

Scan to Donate Bitcoin Cash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to BTC Newswire

Scan to Donate Ethereum to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to BTC Newswire

Scan to Donate Litecoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to BTC Newswire

Scan to Donate Monero to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to BTC Newswire

Scan to Donate ZCash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some ZCash:

BTC NewswireAuthor posts

BTC Newswire Crypto News at your Fingertips

Comments are disabled.