“The bear market is behind us”: Crypto trader charts path for Bitcoin (BTC), says altcoins will follow suit
A widely respected crypto strategist officially declares the bear market over, highlighting uptrends for Bitcoin (BTC) and altcoins alike.
Crypto trader Michaël van de Poppe tells his 670,300 followers on social media platform X that he expects altcoins to follow BTC and set new annual highs.
“Bitcoin breaks out and hits new annual high.
Not a massive breakout, but as long as we stay above $34,800, the next target is $36,500-$37,000.
Altcoins will follow.”
Source: Michael van de Poppe/X
According to Van de Poppe, BTC consolidation above and around the $35,000 area will lead to further rallies, especially in the decentralized finance (DeFi) space. All in all, the trader says the bear market is over.
“Bitcoin still consolidating above $35,000.
Slowly but surely, more DeFi projects are starting to recover.
I wouldn’t be surprised if we get another DeFi summer in 2024.
The bear market is behind us.”
At the time of writing, BTC is worth $34,950, up 1.4% in the last 24 hours.
Looking at altcoins in general, Van de Poppe says the overall market is starting to boom. Therefore, the trader believes that breakouts will soon occur in major altcoins.
“Altcoins are breaking out significantly and I think the majors will follow suit.
It’s time to make up for the dips, that’s a different feeling. The interest rate hike policy is coming to an end -> end of the bear market in 2018. End of the bear market as we speak.
Enjoy the ride!”
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