We can say that Bitcoin has attracted all the attention of the market since it broke the important $ 10 thousand level in July last year.
The leading cryptocurrency managed to climb above various resistances, including $ 20,000, $ 30,000, $ 50,000 and $ 60,000, respectively, to reach an all-time high of $ 61,816 on the 13th of this month.
In addition, the market value of altcoins reached an all-time high of $ 684 billion on the 18th of this month, from $ 137 billion in July 2020. For this record, the altcoin market cap exceeded $ 473 billion, the all-time high in early February last February. But soon he tested this level again as support around the 27th of the same month.
With the incident in question, Bitcoin and crypto analyst Rekt Capital believes that such a retest of an all-time high could result in a massive increase in altcoin market value. Rekt Capital shared its analysis on Twitter.
The key point here is that his analysis is based on the altcoin market cap, which retested the all-time high in late 2016 as seen in the chart below shared via Substack.
If Rekt Capital’s scenario comes true, altcoins could be preparing for a spectacular run that will surprise many crypto traders. In his analysis shared via Substack, Rekt Capital added that it will take about a year for the altcoin market to move upwards this much.
“Altcoin market cap last broke its old all-time high in late December 2016. This was when Altcoin market volume broke through the 2014 high (red) and took a few weeks to retest those highs. And after the retest was successful, the Altcoin market cap grew by 27,000% in just over a year. Today, Altcoin market cap set new high after successfully retesting old 2017 highs (red) as support. Altcoin market cap fully confirmed a break from the perennial U-Shaped formation. ”
If history repeats, the altcoin market value could grow by 27,000% in a year.