A prominent expert in the field of cryptocurrencies recently shared an analysis indicating that the time is ripe for a recovery in the crypto market. This analysis specifically highlighted the potential for a giant memecoin to be the primary beneficiary of this recovery.
The analysis, conducted by the pseudonymous analyst Rekt Capital, focused on the altcoin market and suggested that it is currently setting itself up for a recovery to the $250 billion level. According to the analyst, the market could then target the $315 billion level before potentially reaching previous highs near $425 billion.
In a Twitter post, Rekt Capital wrote, “Altcoin Market Cap is still holding the $250bn as well as support, positioning itself for a future move to the upside via the black pathway.”
The analyst also referenced a previous analysis from February 14, which predicted the potential for the altcoin market to reach $425 billion. Rekt Capital reaffirmed the accuracy of this prediction, stating, “This is still the definitive Altcoin market capitalization plan for the coming months. Following very well the path proposed two months ago.”
In terms of specific altcoins, the expert pointed out the recent upward movement of Dogecoin (DOGE), a memecoin that has officially confirmed its macro bullish trend.
Another cryptocurrency analyst, Michaël van de Poppe, shared an optimistic outlook on the near future of altcoin markets. He analyzed the impact of weak economic data in the United States on the crypto sector and suggested that it could lead to monetary stimulus measures by the Federal Reserve. This, in turn, could be beneficial for altcoin markets.
Van de Poppe explained, “Terrible economic data -> DXY (US dollar index) down, furthermore, arguments for QE (quantitative easing) and rate cuts will increase and therefore risk in assets will increase. Bitcoin back [above] $61.600. The FOMC (Federal Open Market Committee) was the lowest point for the markets and the altcoin bull market began.”
It’s important to note that the views and opinions expressed in this article, including those of the analysts mentioned, are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
In other news, Bitcoin remains stable above $63,000, while Arweave and Render have seen notable gains of over 6%.