tl;dr
Crypto strategist Michaël van de Poppe predicts altcoins will soon outperform Bitcoin after a period of underperformance, based on a bearish reversal signal on the Bitcoin Dominance (BTC.D) weekly chart. He notes BTC.D is currently at 63.89%, indicating potential for altcoins to shine. Van de Poppe ...
Crypto strategist Michaël van de Poppe predicts altcoins will soon outperform Bitcoin as Bitcoin Dominance (BTC.D) shows bearish reversal signals. Currently, BTC.D stands at 63.89%, indicating a shift favoring altcoins in market capitalization.
Van de Poppe foresees Bitcoin retesting key support levels before embarking on a rally targeting $120,000 to $130,000, despite the potential for a short-term correction. At the time of his analysis, Bitcoin was priced around $109,112.
Regarding Ethereum, the strategist highlights that corrections below $2,400, possibly down toward $2,000, offer strong buying opportunities for long-term investors. Ethereum’s current price is approximately $2,663, following a recent rally from $1,800 to $2,700 over just a few days.
The analyst emphasizes that the ongoing bearish divergence in Bitcoin Dominance suggests an imminent reversal, signaling altcoins are about to shine after a prolonged period of underperformance relative to Bitcoin. This outlook points to a potential turning point in the crypto market where altcoins regain prominence.
In summary, investors should prepare for possible short-term dips in Bitcoin and Ethereum prices while keeping an eye on altcoins poised for significant outperformance in the near future. This reflects broader market dynamics where shifts in dominance charts often precede major asset reallocations.