Renowned crypto strategist Michaël van de Poppe is predicting an upcoming altcoin rally that could be ignited by a Bitcoin (BTC) breakout. Van de Poppe is closely monitoring the OTHERS.D chart, which represents the market cap percentage belonging to major altcoins in the cryptocurrency market.
According to the analyst, OTHERS.D may experience a short-term dip as Bitcoin is expected to surpass $30,000 before altcoins can participate in the rally. Van de Poppe believes that the time for altcoins is nearly upon us, as Bitcoin’s value fluctuates and is poised to bounce back.
Anticipating Altcoin Surge: Key Levels to Watch
Van de Poppe’s chart suggests that 8.66% and 7.02% could be potential bounce areas for OTHERS.D. At the time of writing, OTHERS.D is hovering at 8.91%. The analyst also notes that Ethereum (ETH) is exhibiting bullish signals with consistently higher lows, which may lead to a rapid price increase in case of a breakout.
Bitcoin’s Impact on Altcoins and Ethereum
Van de Poppe explains that Bitcoin’s substantial movement will likely be followed by Ethereum and other major cryptocurrencies. As Bitcoin’s technical aspects remain steady, it continues to trade above the 50-day exponential moving average, a crucial support level of around $27,500. This level has posed significant resistance for Bitcoin throughout the week. However, closing candles above $27,500 will increase the likelihood of a bullish reversal for the leading cryptocurrency, while anything below $26,850 could spell trouble.
Ethereum’s Potential Breakout
Van de Poppe predicts that if Ethereum breaks the $2,150 resistance level, it could experience rapid expansion toward the $2,700 to $2,800 range. The analyst maintains that Bitcoin will make its move first, followed by Ethereum and other major cryptocurrencies joining the upward trend.
At the time of writing, Ethereum is trading at $1,861, while Bitcoin is valued at $27,851. Crypto enthusiasts and investors are closely watching these market movements, anticipating the potential altcoin explosion and its impact on the cryptocurrency ecosystem.