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A widely followed cryptocurrency analyst believes that altcoins could exceed expectations and strengthen ahead of the Bitcoin (BTC) halving.
Crypto trader Michaël van de Poppe telling you His 666,400 followers on social media platform X that he saw the Bitcoin domination chart (BTC.D), which tracks how much total crypto market capitalization BTC has.
According to analysts, Bitcoin dominance charts could repeat the late 2019 to mid-2020 market structure when following the 200 week exponential moving average (EMA) as resistance.
Generally, traders view the bearish BTC.D chart as a positive sign for altcoins as it indicates that alt values may be rising faster than BTC.
Says Van de Poppe,
“Well, the overall sentiment is still that the market continues to fall, and it could be. On the other hand, Bitcoin’s dominance is on the decline since the test of the 200 week EMA, which is also in line with the previous cycle.
This means that while we are 8-10 months away before Bitcoin halves, we can expect to see a surge in altcoins, compared to a market downturn.
And yes, of course, if Bitcoin drops another 10% in September, the value of altcoins in US dollars will also start to fall. But did we see that happen in the previous correction?
Not all. We have seen cases where BTC altcoin pairs spiked. That’s a bit of a sign of strength. If that continues, we will experience a breakthrough in altcoins as a whole.”
Van de Poppe also said he is bullish on Ethereum (ETH) against Bitcoin (ETH/BTC).
“There is a good chance that we have also seen an Ethereum bottom against Bitcoin, as we had a case of a 252 day low before the Bitcoin halving.
Additionally, we will likely see the approval of Ethereum futures exchange-traded funds [by the U.S. Securities and Exchange Commission] to be confirmed within a maximum of one month from now.
A bull market always starts when no one expects it and, perhaps this is the period.”
Looking at the trader’s chart, he appears to expect ETH/BTC to rise to 0.06992 BTC worth $1,799.
At the time of writing, ETH/BTC is trading for 0.06303 BTC worth $1.621.
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