Could the Crypto Market Flip the Situation and Reach New Highs?
According to professional crypto trader Michaël van de Poppe, the cryptocurrency market, including Bitcoin (BTC), might soon turn around its current downward trend and continue towards new highs. Van de Poppe shared his bullish outlook for the flagship decentralized finance (DeFi) asset and the entire crypto industry in a recent post on Twitter.
Ethereum Expected to Outperform Bitcoin
Van de Poppe predicts that Bitcoin will enter a consolidation period, during which Ethereum (ETH) is expected to outperform. He also believes that Ethereum’s price will benefit from the upcoming Dencun upgrade, set to launch on the final testnet in the coming days.
Positive Outlook for Altcoins
The analyst notes that altcoins, excluding ETH, have experienced little change in market cap. However, he expects this to change as the market trends continue, projecting a potential rise towards a $1 trillion market cap.
Bitcoin Price Analysis
At present, Bitcoin is trading at $42,825, reflecting a 1.38% decline over the day. Over the past week and month, BTC has dropped 1.26% and 2.9% in value, respectively.
Hot Take: A Potential Rally in the Crypto Market
In conclusion, there is a possibility of a significant rally in both the short and long term for Bitcoin. The hype surrounding the halving event could fuel this rally even further. As a result, it could have a positive impact on the overall sentiment of the crypto market and potentially push it towards reclaiming the coveted $1 trillion market cap.
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