Crypto Analyst Says Bitcoin (BTC) “Fights Critical Levels” and Dives Deep into Altcoin Cycle
A widely followed crypto analyst analyzes the performance of Bitcoin (BTC) and takes a close look at the altcoin cycle.
Crypto trader Michaël van de Poppe tells his 668,800 followers on social media platform X that BTC is in the midst of “fighting crucial levels.”
“Bitcoin is fighting for crucial levels.
A retest around $27,700 would still be possible as gold continues its upward trend.
Above $28,800 we are hoping to reach $30,000 shortly.”
Source: Michael van de Poppe/X
According to the analyst, if BTC consolidated for a while, it might not be so bad.
“Bitcoin is not holding out and to be fair I would rather see it consolidate here for a few days before moving on.
Withdraw some liquidity on the long side, making a test of $27,600-$27,800 seem likely.
Both $27,700 and $27,300 are long regions.”
Source: Michael van de Poppe/X
At the time of writing, BTC is worth $28,668.
As for altcoin markets, Van de Poppe says altcoins are in the middle of the final phase of the bear cycle.
“Altcoins are in the latter part of the bear cycle.
Yes, it feels relatively painful. The mood is completely gone, no interest in crypto.
The only thing that moves is Bitcoin, and yet it still has to break some levels.”
The analyst says that this bear market is the longest-lasting for altcoins. In the current geopolitical climate and as US regulators consider approving a spot BTC exchange-traded fund, Van de Poppe believes BTC is likely to rise.
“This means that there is clear upside potential for Bitcoin and other altcoins. Bitcoin is almost always the first runner. People buy altcoins when there is confidence in the markets, but if you look at the bigger ones like Chainlink, Solana or Injective.
They are all already showing an upward trend. Ethereum is showing weakness across the board as much more hope was placed on the launch of ETH ETF futures, but that didn’t happen.
Currently, Ethereum is completing the final correction on the Bitcoin pair, so we can imagine Bitcoin dominance continuing the increase at this point.”
According to the analyst, the upcoming BTC halving is likely to send altcoin markets into turmoil.
“A few months before the Bitcoin halving, this was the altcoin bottom.
History will most likely repeat itself.”
Source: Michael van de Poppe/XDon’t miss a thing – Subscribe to receive email alerts straight to your inbox
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