A Crypto Trader Believes Altcoins Will Lead the Next Market Rally
A popular trader predicts that the crypto market is on the verge of another upward surge, with altcoins taking the lead this time. According to analyst Michaël van de Poppe, the TOTAL chart, which tracks the overall market capitalization of all cryptocurrencies, is gearing up for a 33% rally. However, he suggests that this growth will be driven by coins other than Bitcoin, as he expects Bitcoin to enter a consolidation period.
Potential $2.1 Trillion Valuation and Bitcoin Dominance
Van de Poppe’s chart indicates that the TOTAL market capitalization could reach $2.1 trillion by April. Currently, TOTAL is trading at $1.578 trillion. The trader also believes that altcoins will outperform Bitcoin based on his analysis of the Bitcoin dominance (BTC.D) chart. He notes that BTC.D has historically peaked a few months before the Bitcoin halving event, which is scheduled for April 2024.
Predicting a Local Bottom for Bitcoin
Regarding Bitcoin’s price, Van de Poppe expects it to potentially fall to around $36,000 before finding a local bottom. He personally plans to accumulate more Bitcoin in the range of $36,000-$40,000. At the time of writing, BTC is valued at $41,106.
Hot Take: Altcoins Set to Shine in Upcoming Crypto Rally
Analyst Michaël van de Poppe believes that altcoins will lead the charge in the next crypto market rally while Bitcoin goes through a consolidation period. Van de Poppe’s analysis of the TOTAL chart suggests that the overall market capitalization could reach $2.1 trillion by April, driven by coins other than Bitcoin. Additionally, his examination of the Bitcoin dominance chart indicates that altcoins are likely to outperform Bitcoin, following a pattern observed in previous halving events. While Bitcoin may experience a potential dip to around $36,000, Van de Poppe sees this as an opportunity to accumulate more BTC.
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