Rekt believes that other altcoins will also benefit from the Bitcoin rebound. In most cases, altcoins, including meme coins like Bonk, Pepe, and Floki tend to outperform Bitcoin during bull runs. Ethereum price will rise because the SEC has signalled that it will approve most or all ETF applications soon. Such a move will likely lead to more inflows as we saw with Bitcoin a few months ago. This accumulation will happen at a time when the volume of Ethereum balances in exchanges is falling.
The bullish case for Bitcoin
🚨 “Crypto experts” say it’s game over for $BTC and altcoins.
I just dug through all the data.
Therefore, Rekt believes that Bitcoin price will ultimately bounce back. Some of the potential catalysts will be the upcoming US election, where Donald Trump has supported digital currencies, interest rate cuts by key central banks, and the approval of Ether ETFs.
BTC tested the ,000 level, meaning it has now lost more than 15% of its value over the past few weeks. Bitcoin’s weakness triggered a major crash among altcoins, with tokens like Turbo, Solana, and Cardano falling more than 20%.
What I found will shock you.
Altcoins like Ethereum, Solana, IOTA, and Hedera Hashgraph to benefit
However, some analysts are still optimistic that Bitcoin is still in an uptrend. In an X post, crypto analyst Rekt Fencer explained that BTC will ultimately bounce back later this year.
He cited several potential catalysts that will push Bitcoin higher. First, he noted that Bitcoin tends to consolidate after halving. This consolidation likely happens because of the concept known as buying the rumour, and selling the fact.