Analyst Claims Altcoin Rally Possible with Weekly Close Above $250 Billion
The crypto market is recovering from the early March crash, with Bitcoin's price approaching $90,000, shifting sentiment toward altcoins. The Fear & Greed Index remains in the fear zone.
- Rekt Capital highlighted a potential altcoin season due to a key technical signal.
- A breakout in the altcoin market cap could occur if it secures a weekly close above $250 billion.
- The current altcoin market cap stands at approximately $249 billion, having recovered from a low below $200 billion.
Weekly Close Above $250 Billion
A close above this mark would indicate a significant shift for altcoins, potentially leading to a rally toward $315 billion, confirming that the bottom has been established.
Current Market Correction
- The ongoing correction represents a 55% drawdown from the recent high of $451 billion, which is less severe than previous bear markets.
- This shallower decline suggests diminishing selling pressure and increased chances for a bullish push.
- The resistance at $425 billion may weaken, enhancing breakout potential on future visits.
