A Crypto Strategist Predicts Altcoins Will Outperform Bitcoin Soon
A well-known crypto analyst, Michaël van de Poppe, recently shared his thoughts on the future of altcoins in the crypto market. With a significant following on X, he believes that altcoins are about to take the spotlight after years of being overshadowed by Bitcoin (BTC).
Bitcoin Dominance Chart Indicates a Shift
Van de Poppe pointed to the Bitcoin Dominance (BTC.D) chart as a key indicator of this upcoming change. The BTC.D chart tracks the percentage of the total crypto market cap that belongs to Bitcoin. A bearish BTC.D signal suggests that altcoins are performing better than Bitcoin.
Currently, the BTC.D chart is showing a bearish reversal signal on the weekly chart, indicating that altcoins are poised to outpace Bitcoin. Van de Poppe expressed his confidence in this shift, stating that the bear market for altcoins underperforming Bitcoin is coming to an end.
Potential for Altcoins to Shine
Van de Poppe emphasized the strong bearish divergence on the Bitcoin dominance chart, signaling a reversal in the trend. This suggests that altcoins are likely to shine in the near future, presenting new opportunities for investors.
As of the latest data, BTC.D is at 63.89%, indicating a potential shift in the market dynamics.
Bitcoin and Ethereum Price Analysis
Regarding Bitcoin, Van de Poppe anticipates a retest of a key psychological support level before rallying to new record-high levels. He sees a possible correction in the price action as a temporary setback before the next leg up towards $120,000-$130,000.
At the time of writing, Bitcoin is valued at $109,112.
As for Ethereum, Van de Poppe suggests that a correction towards the $2,000 price level could present a buying opportunity for long-term investors. He highlights the recent rally in Ethereum’s price and sees a potential correction as a chance to enter the market at a favorable price point.
At the time of writing, ETH is priced at $2,663.
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