Acclaimed cryptocurrency analyst Michael van de Poppe recently shared his insights on the current market situation, focusing on the performance of altcoins against Bitcoin and Ethereum. In an extended video analysis, he emphasized the importance of Bitcoin breaking the $30,000 barrier for altcoins to regain momentum.
Bitcoin Dominance and Altcoin Weakness
Michael started by discussing Bitcoin’s dominance in the market, which continues to rise, leaving altcoins struggling to keep up. He noted that Bitcoin remains strong while altcoins weaken, leading to a long-lasting correction in the altcoin market. According to Michael, this trend will continue unless market confidence improves, something that has been lacking lately.
Main resistance points and possible reversals
The analyst noted that dominance is approaching resistance points, suggesting a reversal may be in sight. For Ethereum to gain strength against Bitcoin, it needs to break its resistance point at 0.069. However, the trend remains down which could lead to another correction towards the 0.055 support zone.
Bitcoin’s Breakthrough: A Catalyst for Altcoin Rally
Michael emphasized the importance of Bitcoin breaking the $30,000 mark, stating that this would be the first ingredient for confidence in altcoins. If Bitcoin consolidates after breaking this barrier, altcoins are expected to follow suit. He noted that the overall market cap is still in a bullish structure, but has not yet broken through crucial resistance levels.
The analyst examined the performance of specific altcoins, including Atom and Chainlink, pointing out that they are both approaching the support range. He believes that if Bitcoin breaks the $30,000 mark and Ethereum starts to show strength against Bitcoin, altcoins will gain momentum again.