A widely followed crypto trader is analyzing the altcoin and crypto markets while planning Bitcoin's (BTC) next move.
Crypto analyst Michaël van de Poppe tells his 708,700 followers on social media platform ) to reach.
“The overall market cap of altcoins is looking to continue.
This means that I expect a correction or at least a consolidation before a big increase towards the ATH.”
Source: Michael van de Poppe/X
Looking at some specific altcoins, the analyst believes that Litecoin (LTC), Cosmos (ATOM) and Polkadot (DOT) are on the rise.
“Litecoin is rising and Dino coins are following.
I expect the Ethereum ecosystem to do well, including ATOM and DOT.”
Van de Poppe addresses the total crypto market capitalization, which includes altcoins as well as BTC and ETH, and says markets could stall temporarily before recovering.
“Massive run on crypto market cap markets.
Overall, I expect we will consolidate before another recovery occurs.
This year has been a blast so far and will probably continue to be, but for now the consolidation is on.”
Source: Michael van de Poppe/X
Finally, the trader focused on King Crypto BTC and urged his followers not to expect Bitcoin to rise to $100,000 too soon.
“The range is relatively defined for Bitcoin.
I don't think we will suddenly go to $100,000 and are still following the 4 year cycle path for now.
Areas of consolidation in the support area of $60,000, areas around ATH as resistance.
Chop occasionally.”
Source: Michael van de Poppe/X
At the time of writing, BTC is worth $69,440, down 3% in the last 24 hours.
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