Cryptocurrency analyst Michaël van de Poppe has shared insights that suggest altcoins could stage a surprising rally ahead of the Bitcoin (BTC) halving event. With a following of 666,400 on X, he points to the Bitcoin dominance (BTC.D) chart as a key indicator.
The Bitcoin dominance chart tracks the proportion of the total cryptocurrency market cap that belongs to BTC. Van de Poppe notes that this chart may replicate its market structure from late 2019 to mid-2020 when it respected the 200-week exponential moving average (EMA) as a resistance level.
Traders generally interpret a bearish BTC.D chart as a positive sign for altcoins, indicating that altcoins could increase in value more rapidly than BTC.
Van de Poppe explains, “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 falls by another 10% in September, the US dollar values of altcoins may initially decline, but he points out that this didn’t happen during previous corrections. Instead, he notes that altcoin-to-BTC pairs have shown strength, potentially paving the way for widespread altcoin breakouts.
The analyst also expresses optimism about Ethereum (ETH) in its pairing with Bitcoin (ETH/BTC). He believes that the low for Ethereum against Bitcoin has likely been reached, considering that it occurred 252 days before the Bitcoin halving. Additionally, he mentions the potential approval of an Ethereum futures exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) within the next month, which could further boost Ethereum’s prospects.
Van de Poppe’s chart analysis suggests that ETH/BTC could rise to 0.06992 BTC, equivalent to $1,799. ETH/BTC is currently trading at 0.06303 BTC, or $1,621.
In closing, the analyst highlights the unpredictability of the crypto market, emphasizing that bull markets often begin when least expected. These insights offer an intriguing perspective on the potential trajectory of altcoins and Ethereum as they navigate the lead-up to Bitcoin’s halving event.
The post Altcoins Poised to Rally Ahead of Bitcoin Halving, Analyst Predicts appeared first on BitcoinWorld.
