Altcoins Set for Surge, Bitcoin Eyes New Record High, According to Popular Analyst
Popular trader Michaël van de Poppe suggests that altcoins are poised for significant rallies in the coming months.
According to van de Poppe, the TOTAL3 chart, monitoring the performance of the altcoin market, experienced a correction of over 16% in its recent downturn. However, he views this pullback as a natural part of a robust upward trend.
Very healthy correction on the #Altcoin market capitalization, likely to be breaking upwards to the highs in the upcoming months, while Bitcoin consolidates. pic.twitter.com/vnnlOC6lXS
— Michaël van de Poppe (@CryptoMichNL) March 24, 2024
He notes, “Very healthy correction on the altcoin market capitalization, likely to be breaking upwards to the highs in the upcoming months, while Bitcoin consolidates.”
Expressing confidence in the altcoin market, van de Poppe believes that many coins have hit their lows and observes “a lot of strength on the altcoin market.”
Analyzing weekly candles, he suggests, “it seems like we’re relatively bottoming out for most of the altcoins.”
Van de Poppe had previously forecasted that the total market capitalization for altcoins would approach nearly $1 trillion. At present, TOTAL3 is trading at $751.125 billion.
READ MORE: Glassnode Analyst Predicts Bitcoin Sell-Off Ahead of April Halving
Regarding Bitcoin (BTC), van de Poppe outlines a scenario where the cryptocurrency could rally to its all-time high around $73,000 before the April halving, a process that reduces miners’ rewards by half.
#Bitcoin continuing the pace.
Dips are there to be bought.#Bitcoin down 15-40% -> allocate funds.#Altcoins down 25-50% -> allocate funds.
If $68K continues to hold, we'll sweep the highs at the all-time high pre-halving. Still expecting a peak to be happening. pic.twitter.com/Ubw1Q3HHXC
— Michaël van de Poppe (@CryptoMichNL) March 25, 2024
“Bitcoin continuing the pace. Dips are there to be bought… If $68,000 continues to hold, we’ll sweep the highs at the all-time high pre-halving. Still expecting a peak to be happening,” he stated.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
