One widely followed trader believes that the cryptocurrency markets look set for another move with altcoins leading the rally this time around.
Analyst Michael van de Poppe tells his 685,300 followers on social media platform
According to the trader, the rally is likely to occur with altcoins taking center stage while Bitcoin (BTC) goes through a period of consolidation.
“The total cryptocurrency market cap appears to be ready for another push towards $2.1 trillion, but this will be done through coins other than Bitcoin.
A consolidation period is likely to occur before the next impulse wave.”
Looking at the trader's chart, it seems to indicate 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 (BTC.D) dominance chart supports his bullish stance on altcoins. According to the analyst, BTC.D, which measures Bitcoin's share in cryptocurrency markets, appears to be repeating the pattern seen in 2016 and 2020 when it reached the top just before the Bitcoin halving event.
The halving, which cuts the rewards for BTC miners in half, is scheduled to take place in April 2024.
Van de Poppe says,
“Bitcoin dominance peaked a few months before the Bitcoin halving.
History repeats itself.
It happened in 2016 and 2020, and it seems likely to happen in 2024 as well.
Once Bitcoin hits the bottom, I expect altcoins to start outperforming.
As for Bitcoin itself, Van de Poppe believes that Bitcoin will likely fall to around $36,000 before forming a local bottom.
“We may already be there in terms of Bitcoin, but it seems likely that we will experience a decline before we can reverse again.
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 Loadthong/Natalia Siatovskaya
