Top Crypto Analyst Says Altcoins Close In, Breaks Down Bitcoin As BTC Consolidates

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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 Michal van de Poppe predicts that Bitcoin needs to clear $29,200 before it can hit new highs.

The thing is;

Bitcoin has reached $27,400 and is giving a great response.

I would still say maybe $26,800 is an entry point.

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

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

Source: Michal van de Poppe/Twitter

With BTC trading for $27,150 at the time of writing, down 3.5% in the last 24 hours, Van de Poppe says he needs more information before confirming a trend reversal. .

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

Cash taken from both sides, meaning the chop continues.

It also means that the trend remains down, so we need further confirmation for a reversal.

Leverage gives the markets these movements.

Source: Michal van de Poppe/Twitter

Looking at altcoin market capitalization dominance, a metric that measures the share of altcoins in the crypto market, Van de Poppes sees the digital asset class as nearing a cycle low.

We were now getting closer to altcoins.

First level reached.

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

Source: Michal van de Poppe/Twitter

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

We had a rebound here, which was quite comparable to the rebound we had two years ago. Now, as we get a year ahead, we are approaching a period of potential bottoming out on altcoins. We were approaching a potential weekly bullish divergence, and we are approaching the case where you are looking to price or build your positions because Bitcoin pairs are getting so undervalued relative to what Bitcoin price is doing that people will jump from bitcoin to altcoins.

And what do you need for that? We need the confidence of Bitcoins to come back. So if bitcoin is going to break through $30,000, and that’s your trigger for all the coins to start pulling, then secondly, if bitcoin breaks through $30,000, altcoins will most likely have a further correction, which will bring altcoins in this area here [between $42,000-$45,000] But if Bitcoin finalizes its run in these regions, that’s when altcoins finally start to kick off. Bitcoin therefore needs to break $30,000 and then confidence in the market starts to return.

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