An analyst with a wide follower base is quite hopeful for an altcoin in the top five. The analyst predicts that it will rally higher if it breaks through a key resistance zone and turns it into a support area. Additionally, the analyst updates his outlook for the leading cryptocurrency Bitcoin.
Rekt Capital predicts the continuation of the rally for the altcoin!
cryptokoin.comAs you follow from , the market is about to close out the year without a Santa Claus rally. Recent days have seen a corner grab at the forefront of the crypto league. Solana rose rapidly with explosive moves and took BNB’s place. However, this situation did not last long. Sales to Solana were followed by purchases to BNB, and BNB managed to regain its previous position. However, this rally has appeared calm for now.
A popular analyst with the pseudonym Rekt Capital says that if Binance Coin (BNB) turns the $340 resistance level into a support level, “fireworks will truly be set off” for the fourth-largest crypto asset by market cap. From the analyst’s chart, we see that BNB has broken out of a descending triangle on the weekly chart. Additionally, we witness that the formation is firmly settled above its hypotenuse. Meanwhile, the descending triangle formation is typically a bearish pattern. However, a successful break above the hypotenuse indicates the beginning of an uptrend.
Meanwhile, BNB was trading at $318 at the time of writing, up 0.53% on a daily basis. It should be noted that currently the upper part of the market is almost completely red. Additionally, the altcoin has gained nearly 18% in the past week.
“Drops before halving are a buying opportunity for BTC!”
The analyst then looks at the leading cryptocurrency Bitcoin (BTC). Rekt Capital reminds that Bitcoin’s fourth halving event in April 2024 is “just over 100 days away”. The analyst sees previous pullbacks as a buying opportunity. In this context, Rekt Capital shares the following comment:
Deeper pullbacks in the pre-halving period will be buying opportunities for the ultimate bargain for Bitcoin.
From Rekt Capital’s chart, it appears that Bitcoin has broken above the upper trend line of the ascending triangle, a pattern that typically signals bullishness. According to the same chart, Bitcoin experienced a significant correction just before the third halving in 2020. However, it ultimately rallied to surpass its all-time high that same year.
Meanwhile, Bitcoin was trading at $42,253 at the time of writing, down 1.52% on a daily basis. BTC is also in the red zone on its weekly chart. However, it managed to record a monthly increase of approximately 12%.
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