April 19, 2024
Altcoins Set to Outperform Bitcoin: Analyst Michaël van de Poppe’s Bullish Perspective
Altcoins News

Altcoins Set to Outperform Bitcoin: Analyst Michaël van de Poppe’s Bullish Perspective

Widely followed cryptocurrency trader Michaël van de Poppe has delivered an optimistic outlook for altcoins, suggesting that they are poised for significant rallies in the upcoming months. Van de Poppe, known for his insightful market analysis, believes that the recent correction in the altcoin market is a positive sign, indicating a strong uptrend.

A Healthy Correction Sets the Stage for Altcoin Surge

Van de Poppe, who commands a substantial following of 707,500 on the social media platform X, points to the TOTAL3 chart as evidence of the potential for altcoins. This chart, utilized by traders to monitor the performance of the altcoin market, experienced a notable 16% devaluation during the recent correction. However, rather than viewing this as a cause for concern, Van de Poppe sees it as a necessary step in the market’s growth trajectory.

In his own words, he states, “Very healthy correction on the altcoin market capitalization, likely to be breaking upwards to the highs in the upcoming months, while Bitcoin consolidates.”

Bottoming Out: Altcoins Show Strength

Van de Poppe further asserts that many altcoins have already hit their lows and are exhibiting signs of strength. Analyzing the weekly candles across various markets, he suggests that altcoins are nearing a bottom, indicating potential upward momentum.

“Looking at the weekly candles across the markets, it seems like we’re relatively bottoming out for most of the altcoins,” he remarks.

Market Projections v/s Current Performance

Having previously predicted that the total market capitalization for altcoins could approach $1 trillion, Van de Poppe’s optimism is evident. At present, TOTAL3 is trading at $751.125 billion, reflecting his bullish sentiment.

While Bitcoin remains a key player in the cryptocurrency space, Van de Poppe envisions a scenario where the flagship cryptocurrency rallies to its all-time high of $73,000 before the upcoming halving in April. This event, which occurs every four years, involves a reduction in miners’ rewards and typically generates significant market activity.

“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 states.

As of now, Bitcoin is trading around $70K, marking a notable 5% increase over the past 24 hours.

With Van de Poppe’s insights suggesting a promising outlook for both altcoins and Bitcoin, investors are eagerly watching the market for potential opportunities in the coming months.

Image by freepik

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