Michael van de Poppe, one of the most popular analysts in the cryptocurrency world, Bitcoin He believes that the altcoin market will begin to rise as its price enters a consolidation phase.
Michael van de PoppeAccording to , the approval of BTC ETFs was the first factor that helped reach a ‘peak’ price in the short term, but things are a bit more stagnant now. According to the analyst, while ETF approval will continue to strengthen the bullish sentiment in the long term, he believes that we need to be a little more patient for this.
The analyst stated that the reason for this is that the rotation from GBTC (Grayscale Bitcoin Trust) to the ETF requires a sale in BTC. But beyond that, it is also critical for institutions to move from spot Bitcoin to ETFs in order to comply with the regulatory framework.
Van de Poppe as Bitcoin calms altcoinHe believes that ‘s will start to mobilize. According to the analyst, BTC’s consolidation gives altcoins a window of time to rise and outperform BTC.
Over the last few months, altcoins have been suffering after the sudden strength of Bitcoin, which rose from $25,000 to $50,000. We will most likely see a period of consolidation in Bitcoin and will likely experience a relatively long period of consolidation (three to six months) before new highs are formed. Meanwhile, the altcoin craze and a general breakout will be the next step.
Poppe also shares a chart that suggests BTC will consolidate between $39,000 and $50,000 for most of 2024, giving altcoins plenty of time to ignite breakout rallies.
