Crypto trader and analyst Michaël van de Poppe believes one main factor is preventing Bitcoin (BTC) and other digital assets from having massive break outs.
Van de Poppe tells his 821,300 followers on X that the crypto market is being weighed down by the global economic impacts of the US-Iran conflict.
However, he says he expects an agreement between the two countries will be reached in the coming weeks, setting BTC and altcoins up for strong rallies over the coming months.
“As long as [Bitcoin] stays here and it consolidates, everything remains to be fine, and, respectfully, I do expect to see some form of deal coming out in the next days between the US and Iran. If that happens, there’s literally not an argument left to assume that we continue to fall, and then I’d expect to see more upside throughout the entire summer for altcoins and crypto.”
The trader also warns that altcoins may collapse in value if Bitcoin loses support at $73,000.
“The Bitcoin volatility has gone down massively, and that triggers runs on the altcoin markets. I don’t think that this will stop, as long as Bitcoin remains within the range and isn’t volatile. If it breaks $80,000 we’ll see more strength on Bitcoin and liquidity flows back towards the main asset of the ecosystem, until it stalls at the next resistance zone. Very similarly, I expect the same to be happening when it breaks beneath $73,000, then I’d assume we’ll see altcoins correct massively and there won’t be any upside at all taking place.”
Bitcoin is trading for $74,412 at time of writing, down 1.9% on the day.
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