A widely followed crypto analyst said altcoin markets are poised to explode as he examines what Bitcoin (BTC) must do to stay ahead.
Crypto trader Michaël van de Poppe tells his 592,400 Twitter followers that the altcoin market cap will grow by at least 25% in the coming months. told.
“It seems to me that altcoin market cap will grow by about 25-35% in the coming months while maintaining critical support.”
Van de Poppe’s crypto market cap chart excluding Bitcoin shows that he predicts the altcoin market cap will rise to somewhere between $1.23 trillion and $1.34 trillion by the end of the year.
Earlier today, Van de Poppe said that as long as Bitcoin continues to trade above $38,000, the leading crypto asset by market cap will continue to move upwards.
“Bitcoin is preferably looking at a higher low (a higher low than the previous low), which I look at as a potential long position.
As long as we stay above $38,000, all looks well to continue.”
However, after this prediction, Bitcoin fell below $ 38,000, showing how volatile the market is. Following that, Van de Poppe updated his followers, saying that BTC should retrace previous support zones.
“Well, it’s dropping fast here and now the liquidity below the lows has been taken up by Bitcoin price action.
The level to retrace is the $37,500 zone as it is the previous support zone.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.