Top Crypto Analyst Says Altcoins Are ‘Coming Close’, Break Down Bitcoin As BTC Consolidates

A widely followed crypto analyst says altcoin traders should keep an eye on the market as crypto king Bitcoin (BTC) consolidates.

Looking at BTC, top analyst Michaël van de Poppe tracks Bitcoin needs to break through $29,200 before it can reach new highs.

“The thing is that;

Bitcoin hit $27,400 and is making a great response.

I would still argue that possibly $26,800 is an entry point.

What do we need now? Turn $27,800 for support and break $29,200.

$29,200 is the essential breaker before new highs.”

With BTC trading at $27,150 at time of writing, down 3.5% in the last 24 hours, Van de Poppe claims that he needs more info before he wants to confirm a trend reversal.

“Well, Bitcoin hit $26,800 and that was one of my entry points.

Liquidity taken from both sides, which means the hack continues.

This also means that the trend is still down, so we need further confirmation for a reversal.

Leverage gives markets these moves.”

Looking at altcoin market cap dominance, a metric that measures altcoins’ share of the crypto market, Van de Poppe looking the digital asset class is almost reaching a cycle low.

“We are approaching altcoins now.

First level reached.

Starting accumulation here and selling in 1-2 years makes a lot of sense.”

Diving deeper in a YouTube update, the trader tells his 163,000 subscribers that altcoin dominance is largely dependent on what Bitcoin does next.

“We’ve had a bounce here, which was pretty comparable to the bounce we had two years ago. Now, as we get a year before the whole thing, we’re approaching a period of potential bottoming in altcoins. We’re approaching a potential weekly bullish divergence and we are approaching the case where you want to estimate or aggregate your positions because the Bitcoin pairs are getting so undervalued relative to what Bitcoin’s price is doing that people will jump over from Bitcoin to altcoins.

And what is needed for that? We need Bitcoin’s confidence to come back. So if Bitcoin is going to break through $30,000 and that’s your trigger for all coins to start shooting off, then secondly, if Bitcoin breaks to $30,000, most likely altcoins will have another correction, which will bring the altcoins into this region here [between $42,000-$45,000]… But if Bitcoin completes its run around these regions, that’s when altcoins finally start to take off. So Bitcoin has to break $30,000, then confidence in the market starts to come back.”

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