A widely followed trader believes that the crypto markets look poised for another leg up with altcoins spearheading the rally this time around.
Analyst Michaël van de Poppe tells his 685,300 followers on the social media platform X that the TOTAL chart, which tracks the overall market capitalization of all crypto assets, is gearing up for a nearly 33% rally.
According to the trader, the rally will likely happen with altcoins taking center stage while Bitcoin (BTC) goes through a period of consolidation.
“The total market capitalization for crypto seems ready for another push towards $2.1 trillion, but that will be done through coins other than Bitcoin.
Consolidation period, before the next impulse, is likely going to occur.”
Looking at the trader’s chart, he seems to suggest that TOTAL will hit a $2.1 trillion valuation before April. At time of writing, TOTAL is trading at $1.578 trillion.
Van de Poppe says his outlook on the Bitcoin dominance (BTC.D) chart supports his bullish stance on altcoins. According to the analyst, BTC.D, which measures Bitcoin’s share of the crypto markets, appears to be repeating a pattern witnessed in 2016 and 2020 when it topped out just before the Bitcoin halving event.
The halving, which cuts BTC miners’ rewards in half, is slated for April 2024.
Says Van de Poppe,
“Bitcoin dominance peaking a few months prior to the Bitcoin halving.
History repeating itself.
It has happened in 2016, and 2020 and seems likely to happen in 2024 as well.
Once Bitcoin bottoms out, I expect altcoins to start outperforming.”
As for Bitcoin itself, Van de Poppe thinks that BTC will likely fall to around $36,000 before carving a local bottom.
“Perhaps we’re there already for Bitcoin, but it seems likely that we’ll test lower before we can have a reversal back up.
My personal interest is between $36,000-$40,000 to be accumulating more into Bitcoin.
The range remains defined.”
At time of writing, BTC is worth $41,106.
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