A widely followed trader believes that the crypto markets appear poised for another leap forward, with altcoins leading the rally this time.
Analyst Michaël van de Poppe tells his 685,300 followers on social media platform
According to the trader, the rally is likely to take place with altcoins taking center stage, while Bitcoin (BTC) is going through a period of consolidation.
“The total market cap for crypto seems poised for a new boost towards $2.1 trillion, but that will happen through coins other than Bitcoin.
There will likely be a period of consolidation before the next push.”
Looking at the trader’s chart, he seems to suggest that TOTAL will reach a valuation of $2.1 trillion before April. At the time of writing, TOTAL is trading at $1.578 trillion.
Van de Poppe says his view of the Bitcoin dominance chart (BTC.D) supports his bullish stance on altcoins. According to the analyst, BTC.D, which measures Bitcoin’s share of the crypto markets, appears to be repeating a pattern seen in 2016 and 2020 when it peaked just before Bitcoin’s halving.
The halving, which will halve rewards for BTC miners, is scheduled for April 2024.
Says Van de Poppe,
“Bitcoin’s dominance peaked a few months prior to Bitcoin’s halving.
History repeats itself.
It happened in 2016 and 2020 and seems likely to happen in 2024 as well.
Once Bitcoin bottoms out, I expect altcoins to outperform.”
As for Bitcoin itself, Van de Poppe thinks BTC will likely drop to around $36,000 before reaching a local low.
“We may already be there for Bitcoin, but it seems likely we will test lower before we can make a turnaround.
My personal interest is between $36,000 and $40,000 to accumulate more in Bitcoin.
The scope remains defined.”
At the time of writing, BTC is worth $41,106.
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
