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Top analyst has a hard-nosed message for investors
By: thestreet|2025/05/07 00:15:01
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A popular analyst is predicting a massive final rally for Bitcoin before the start of the altcoin season, where all other crypto assets apart from Bitcoin take dominance in the market.The pseudonymous strategist, named Rekt Capital, posted on X that the Bitcoin Dominance chart is nearing a point of non-return. Bitcoin dominance is at 64.1% at the time of writing, and the analyst believes it might rise as high as 71% before the trend reverses, possibly indicating that the market is coming to the commencement of an altcoin season.#BTC Bitcoin Dominance has one final leg left in its Macro Uptrend on the road to 71% (red)Any dips into 64% would constitute a retestSuccessful retest would enable final trend continuation on the road to 71% (green box)$BTC #Crypto #Bitcoin https://t.co/efhsgN49r4 pic.twitter.com/KbzjzSWZGp— Rekt Capital (@rektcapital) May 3, 2025“Bitcoin dominance has one final leg left in its macro uptrend on the road to 71% (red). Any dips into 64% would constitute a retest. A successful retest would enable final trend continuation on the road to 71% (green box),” the analyst said.Bitcoin to reach new high soonIn addition to the sentiment measure, Rekt Capital also highlights $93,500 as a crucial weekly support level for the asset. If this area can be held, then the range has been retaken and the bulls can maintain the momentum from higher lows, even if there was a pullback from some lower high resistance around $99,000.Referencing prior price action seen in 2024, the analyst says a previous bearish pattern that developed in April 2024 is poised to play out in an eerily similar fashion. A run-up towards the $97,000–$99,000 area could be seen. It would be followed by a short-lived rejection around $104,500, he says, after which Bitcoin would retest the $97,000–$99,000 area as support once again. From there, a gap up to a new all-time high may be on the table.Interestingly, another prominent crypto analyst, Ali Martinez, said “The most critical support for Bitcoin $BTC is at $93,198. If it fails, the next key level to watch is $83,444” on X.The most critical support for #Bitcoin $BTC is at $93,198. If it fails, the next key level to watch is $83,444. pic.twitter.com/bWGWrlD2Yd— Ali (@ali_charts) May 6, 2025At press time, Bitcoin is trading at $94,594.07, up by less than 1% over the last day, as per Kraken.
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