Analyst Says Fun Period for Altcoins About To Begin, Updates Outlook on Bitcoin and Ethereum
Crypto strategist Michaël van de Poppe believes that altcoins are gearing up for a huge burst to the upside.
The trader tells his 810,100 followers on X that he’s keeping a close eye on the TOTAL2 chart, which tracks the market cap of crypto excluding Bitcoin ( BTC ) and stablecoins.
According to Van de Poppe, TOTAL2 appears to be on the verge of taking out its resistance at around $1.70 trillion, which has kept altcoins in check since 2022.
“The fun on Altcoins is about to begin.
The Altcoin market capitalization aims to break through the crucial resistance.
That’s very bullish.”
Source: Michaël van de Poppe/X
At time of writing, TOTAL2 is trading at $1.69 trillion.
Looking at Bitcoin, he says that while BTC was able to print a new all-time high at $125,782 over the weekend, he believes it will likely retrace before the real move takes place.
“Yes, it’s a Bitcoin move on Sunday.
Yes, that will likely pull back.
But, it’s incredibly strong that we go from $110,000 to $125,000 in a single week.
Consolidation on Bitcoin = Altcoins to wake up.”
At time of writing, Bitcoin is worth $123,646.
Turning to Ethereum, Van de Poppe thinks that ETH is poised to steal Bitcoin’s thunder.
“It seems very likely that we’ll be getting into a stage that ETH is going to take over the momentum from BTC. It looks primed to be taking out the lower timeframe highs, but if it does that, then we’re on the edge of going towards a new ATH (all-time high) for ETH.”
Source: Michaël van de Poppe/X
At time of writing, Ethereum is worth $4,512.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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