A widely followed crypto analyst analyzes the trajectory of Bitcoin (BTC) while examining the altcoin cycle.
Crypto trader Michaël van de Poppe tells According to its 668,800 followers on the social media platform
“Bitco is fighting crucial levels.
A retest around $27,700 would still be possible as Gold continues its uptrend.
If we get above $28,800, we want to get to $30,000 in no time.”
At the analyst opinionMaybe it wouldn’t be so bad if BTC consolidated for a while.
“Bitco isn’t making any moves, and to be honest, I’d prefer to see it consolidate here for a few days before moving forward.
By including some liquidity on the long side, a test at $27,600-27,800 seems likely.
Both $27,700 and $27,300 are long regions.”
BTC is worth $28,668 at the time of writing.
We move on to the altcoin markets, Van de Poppe say alts are in the middle of the final phase of the bear cycle.
“Altcoins are in the latter part of the bear cycle.
Yes, it feels relatively painful. The sentiment has completely disappeared, no interest in crypto.
The only thing that moves is Bitcoin, and yet it has to crack some levels.”
The analyst says this bear market has been the longest lasting market for altcoins. In the current geopolitical climate, and with US regulators considering the approval of a Spot BTC exchange-traded fund, Van de Poppe thinks BTC is likely to rise.
“As a result, the advantage lies significantly in Bitcoin and other altcoins. Bitcoin is almost always the first mover. People buy altcoins when there is confidence in the markets, but if you look at the bigger ones like Chainlink, Solana or Injective.
They are all already starting to show an upward trend. Ethereum is showing weakness all around as there was much more hope in the launch of ETH ETF Futures, which didn’t happen.
Right now, Ethereum is completing the last correction on the Bitcoin pair, hence we can see Bitcoin dominance continuing at this point.”
According to the analyst, the upcoming BTC halving is likely to move the altcoin markets.
“A few months prior to Bitcoin’s halving, that was the altcoin’s low point.
History will most likely repeat itself.”
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