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Cryptocurrency analyst Michaël van de Poppe has provided insights indicating that altcoins may experience an unexpected rally prior to the Bitcoin (BTC) halving event. With a following of 666,400 on X, he highlights the Bitcoin dominance (BTC.D) chart as a significant indicator.
The Bitcoin dominance chart measures the share of the overall cryptocurrency market capitalization that is attributed to BTC. Van de Poppe observes that this chart could mirror its market structure from late 2019 to mid-2020 when it adhered to the 200-week exponential moving average (EMA) as a resistance point.
Traders typically view a declining BTC.D chart as a favorable sign for altcoins, suggesting that altcoins might appreciate in value more swiftly than BTC.
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Van de Poppe states, “As we’re again 8-10 months before the halving of Bitcoin, we can expect to see a surge in altcoins, rather than a downwards moving market.” He acknowledges that if BTC experiences a further 10% drop in September, the dollar values of altcoins may initially decrease, but he notes that this did not occur during past corrections. Instead, he points out that altcoin-to-BTC pairs have demonstrated resilience, potentially setting the stage for significant altcoin breakouts.
The analyst also conveys a positive outlook for Ethereum (ETH) in its pairing with Bitcoin (ETH/BTC). He believes that the low for Ethereum against Bitcoin has likely been established, considering it occurred 252 days prior to the Bitcoin halving. Furthermore, he mentions the possible approval of an Ethereum futures exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) within the upcoming month, which could enhance Ethereum’s outlook.
Van de Poppe’s chart analysis indicates that ETH/BTC could ascend to 0.06992 BTC, which is equivalent to $1,799. Currently, ETH/BTC is trading at 0.06303 BTC, or $1,621.
In conclusion, the analyst underscores the volatility of the crypto market, noting that bull markets frequently commence when they are least anticipated. These insights provide an interesting perspective on the potential direction of altcoins and Ethereum as they approach Bitcoin’s halving event.
The post Altcoins Poised to Rally Ahead of Bitcoin Halving, Analyst Predicts appeared first on BitcoinWorld.
