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Home Cryptocurrency Bitcoin

rewrite this title with good SEO Waiting For An Altcoin Season? Analyst Says A Weekly Close Above This Level Would Trigger A Rally

Scott Matherson by Scott Matherson
March 27, 2025
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rewrite this title with good SEO Waiting For An Altcoin Season? Analyst Says A Weekly Close Above This Level Would Trigger A Rally
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The crypto market is still trying to recover from its crash in early March, and sentiment is currently fluctuating. Although the Fear & Greed Index is still in the fear zone, the Bitcoin price is now slowly pushing back toward $90,000, which has been slowly changing the sentiment among altcoins.

Rekt Capital, an influential analyst on X, reignited hope for an incoming altcoin season with a key technical signal. According to the post, a breakout in the altcoin market cap could soon take shape if one critical condition is met. The analyst shared a chart and commentary suggesting that the next major rally may already be in motion, provided that the altcoin market cap can secure a weekly close above a particular level.

Weekly Close Above $250 Billion Could Be The Game Changer

The altcoin market cap reached a multi-month low in the first week of March after the crash that saw many cryptocurrencies shell out weeks of price gains within a short period. This crash briefly pushed the altcoin market cap below $200 billion, although it eventually closed the week above this threshold. However, this market cap has steadily been inching upwards in the last two weeks since the crash.

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At the time of writing, the altcoin market cap has risen back to around $249 billion. Technical analysis from crypto analyst Rekt Capital emphasized that a weekly close above the $250 billion mark would mark a significant technical shift for alts.

Altcoin
Source: Rekt Capital on X

This level, highlighted in blue on the chart below, will be an important resistance level for crypto investors waiting for the altcoin season. The analyst noted that a decisive close above it would likely precede a breakout rally toward the $315 billion level, marked in red. That move wouldn’t just signal short-term bullishness; it would also serve as confirmation that the bottom for altcoins has already been established.

However, even if the altcoin market cap were to surge quickly towards $315, there would still be some work to do to return in order to the recent high of $451 billion set in December 2024.

Shallow Correction Points To Stronger Momentum Ahead For Altcoin

The nature of the current correction from this $451 billion altcoin market cap adds more weight to the possibility of an altcoin rally. According to the analyst, the ongoing correction has only reached a 55% drawdown from its local high, notably shallower than the previous major altcoin bear market retracements of 69% and 85%. 

Related Reading

The shallower decline in the current retracement is interpreted as a sign of growing market maturity among altcoins. This implies that the selling pressure may be waning and that bulls are preparing for a stronger push. It also means that the $425 billion altcoin market cap resistance is weakening as a point of rejection, which in turn increases the chances of a breakout at the next visit.

Altcoin
Overall market cap excluding Bitcoin at $1.07 trillion | Source: TOTAL2 on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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