Bitcoin tumbled on March 15, falling significantly from its all-time high (ATH) to $66,699, after reaching a peak of $73,634 just days earlier. Despite this decline, cryptocurrencies have shown remarkable growth, rising more than 60% since the beginning of 2024, when Bitcoin traded at more than $45,000.
Wait tight, because cryptocurrency analysts are predicting a major shift in the market, with a possible decline in Bitcoin prices and a rise in altcoins.
Information from Van de Poppe
Cryptocurrency analyst Michael van de Poppe comments on the situation, predicting a correction for Bitcoin with a target range of $57,000 to $61,000. He also predicts that there will be an upcoming “altcoin season,” indicating increased activity and potential profits for new cryptocurrencies.
In a recent tweet, Van de Poppe highlighted bearish divergence in Bitcoin prices, pointing to lower time frames showing decreasing highs and a clear rejection at the $70.5K mark.
According to his analysis, Bitcoin could be heading towards a correction with downside targets ranging from $57K to $61K, which could indicate that its peak has already passed before the upcoming Bitcoin halving event.
Read Also: Top Reasons Why Traders Need to Be Optimistic About This Bitcoin Dump!
Altcoin season on the horizon?
Despite concerns about Bitcoin's direction, Van de Poppe remains optimistic about the broader cryptocurrency market, especially altcoins. He envisions an “altcoin summer” coming, indicating increased activity and potential profitability for various altcoins.
Van de Poppe's insights come amid a period of volatility and uncertainty in the cryptocurrency space. Currently, Bitcoin has recovered slightly from its recent decline, settling at $69,169, with a market cap of $1.36 trillion.
Read More: 10 Altcoins You Should Own to Amplify Your Portfolio Before the Next Crypto Boom!
Altcoin season on the horizon? What altcoins are you monitoring?
