A widely followed crypto analyst says altcoin traders should keep an eye on the market as king crypto consolidates Bitcoin (BTC).
Looking at BTC, top analyst Michaël van de Poppe predicts Bitcoin needs to break through $29,200 before it can reach new highs.
“The thing is that;
Bitcoin reached $27,400 and has a great response.
I’d still argue that $26,800 is possibly an entry point.
What do we need now? Flip $27,800 to support and break $29,200.
$29,200 is the essential breaker for new highs.
With BTC trading at $27,150 at the time of writing, down 3.5% in the past 24 hours, Van de Poppe said claims that he needs more info before he can confirm a trend reversal.
“Well Bitcoin hit $26,800 and that was one of my entry points.
Liquidity from both sides, which means the chop continues.
This also means that the trend is still down, so we need additional confirmation for a reversal.
Leverage gives the markets these moves.”
Looking at the altcoin market cap, a metric that measures the share of altcoins in the crypto market, Van de Poppe sees the digital asset class is nearing a cycle low.
“We are now getting close to altcoins.
First level reached.
It makes perfect sense to start collecting here and sell within 1-2 years.”
Diving deeper into a YouTube update, the trader tells are 163,000 subscribers that altcoin’s dominance largely depends on what Bitcoin does next.
“We’ve had a bounce here, which was pretty similar to the bounce we had two years ago. Now that we’re a year into the whole thing, we’re approaching a period of a potential bottom on the altcoins. We’re getting close to a potential weekly bullish divergence, and we’re getting close to where you want to estimate or aggregate your positions, because the Bitcoin pairs are so undervalued relative to what the price of Bitcoin is doing that people will jump over from Bitcoin to altcoins.
And what is needed for that? We need Bitcoin’s trust to come back. So if Bitcoin is going to break through $30,000, and that’s your trigger for all coins to start shooting, then second, if Bitcoin breaks through $30,000, altcoins will most likely have another correction, bringing the altcoins in this region here [between $42,000-$45,000]… But if Bitcoin completes its run around those regions, then altcoins will finally start to take off. So Bitcoin needs to break $30,000 then confidence in the market starts to return.”
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