{"id":72611,"date":"2025-02-07T01:20:17","date_gmt":"2025-02-07T01:20:17","guid":{"rendered":"https:\/\/peraltafinancing.com\/altcoin\/trader-says-425000000000-altcoin-market-cap-likely-to-be-broken-updates-outlook-on-bitcoin\/"},"modified":"2025-02-07T01:20:17","modified_gmt":"2025-02-07T01:20:17","slug":"trader-says-425000000000-altcoin-market-cap-likely-to-be-broken-updates-outlook-on-bitcoin","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=72611","title":{"rendered":"Trader Says $425,000,000,000 Altcoin Market Cap Likely To Be Broken, Updates Outlook on Bitcoin"},"content":{"rendered":"


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A closely followed crypto analyst says the $425 billion resistance level for the altcoin market cap may soon be broken.<\/p>\n

In a new strategy session, crypto trader Rekt Capital tells<\/a> his 535,600 followers on the social media platform X that the OTHERS chart, which depicts the total crypto market cap excluding the top ten coins, may soon have a massive recovery.<\/p>\n

He says that the OTHERS retracement from the $425 billion level is shallower than prior breakdowns, suggesting there is now a greater potential for the alt market cap to flip it into support.<\/p>\n

\u201cAltcoin market cap has indeed rejected from $425 billion resistance (black). Altcoin market cap has retraced substantially since. However, this is altcoin market cap\u2019s way of producing a shallower retrace to show how $425 billion is weakening as a point of rejection.\u201d<\/em><\/p>\n

\"Image\"
Source: Rekt Capital\/X<\/figcaption><\/figure>\n

The analyst believes<\/a> the shallower retracement could give the altcoin market cap more firepower to hit new local highs.<\/p>\n

\u201cSince rejecting from $425 billion resistance (black) altcoin market cap has retraced -51%. This is still shallower compared to the previous rejections from ~$425 billion resistance (-69% and -85%). Should altcoin market cap bottom in the near future, then altcoin market cap will have an easier time at breaking beyond the weakened $425 billion resistance over time.\u201d<\/em><\/p>\n

\"Image\"
Source: Rekt Capital\/X<\/figcaption><\/figure>\n

The OTHERS chart is currently at $271.27 billion.<\/p>\n

The analyst also updates his outlook on Bitcoin (BTC<\/a>), predicting<\/a> the flagship crypto asset will trade sideways in the near term on the weekly chart.<\/p>\n

\u201cBitcoin revisited the $101,000 level (black). In fact, Bitcoin even daily closed above it, but failed the subsequent post-breakout retest of it into new support BTC is probably going to consolidate between $98,300 and $101,000 for the time being.\u201d<\/em><\/p>\n

\"Image\"
Source: Rekt Capital\/X<\/figcaption><\/figure>\n

Bitcoin is trading for $96,860 at time of writing, down 1.1% in the last 24 hours.<\/p>\n

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