- Michael van de Poppe predicted that altcoins may soon rally in his latest analysis.
- The analyst noted that BTC’s dominance could soon face resistance from the 200-week EMA and MA lines.
- At press time, the total crypto market cap stood at around $1.2 trillion after a 0.65% gain in the past 24 hours.
The popular crypto trader and analyst Michael van de Poppe predicted that altcoins may soon rally in his latest crypto market analysis. In this analysis, he noted that the 200-week EMA and 200-week MA lines are acting as support levels for the global crypto market cap. As a result, the analyst believes that the market has bottomed out.
Van de Poppe also mentioned in his analysis that the collective altcoin market cap is in the process of forming a higher low, after it recently set a higher high. As a result, he forecasts that the altcoin market may post a 2-2.5X gain in the short-term.
Historically, BTC’s rallies have been followed by altcoin prices rallying as investors and traders take their profit from BTC and inject it into the altcoin market. With this in mind, the altcoin market may soon receive a capital injection from investors given several technical flags present on BTC’s charts, according to van de Poppe.
The first technical flag highlighted by the analyst is the 200-week EMA and 200-week MA lines on BTC’s dominance chart which could turn into resistance levels soon. Secondly, BTC’s market dominance is at the highest point it has ever been in this bear market – resulting in altcoins being extremely undervalued against the market leader.
Lastly, van de Poppe mentioned that sentiment for altcoins is currently ultra low. According to the analyst, altcoin prices will begin to rise in the next few weeks if BTC’s price consolidates during this period. On the other hand, BTC’s price continuing to climb in the short term will see altcoins strengthen against fiat currencies but not against BTC.
At press time, the total crypto market cap stood at approximately $1.2 trillion according to CoinMarketCap. This was after the total printed a 0.65% gain over the past 24 hours. Meanwhile, BTC was changing hands at $30,735.12 after its price rose 0.51% over the past day of trading.
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