Seasoned Trader Forecasts Trillion-Dollar Altcoin Market
Michaël van de Poppe forecasts that altcoins, led by Ethereum, will outperform Bitcoin in the upcoming market cycle, indicating a shift in investment trends and a potential significant rally in the altcoin sector.
He noted ChainLink’s rising performance against Bitcoin, suggesting a strategic investment cycle where recognising ChainLink’s peak value against Bitcoin is key for timely shifts between these cryptos.
Altcoin Market Cap Ready to Rise
Currently the global crypto market cap is standing at US$1.58 trillion (AU$2.41 trillion), which includes the largest asset in the space by far – Bitcoin. Excluding the number one asset, that figure shrinks to a “mere” US$759 billion (AU$1.157 trillion). CEO & Founder MN Trading, Michaël van de Poppe, who also runs a YouTube channel with 162k subscribers believes the altcoin market cap is about to break out after an 18-month slumber.
The milestone of a trillion-dollar market cap for altcoins is significant. It represents not just the growth in value of these assets but also the increasing acceptance and mainstreaming of crypto. This market cap level puts the altcoin sector on par with some of the world’s largest publicly traded companies and even entire industries.
Therefore, van de Poppe thinks wisely investing in altcoins now can be a worthwhile endeavour.
Altcoins to Outperform Bitcoin
Van de Poppe predicts strong performance for altcoins and sees Bitcoin’s current run nearing an end with a possible correction, while Ethereum, forming higher lows and breaking resistances, may continue to grow, potentially surpassing US$3,000 (AU$4,571) or US$3,500 (AU$5,333).
Crypto total market cap ex Bitcoin, source: Michaël van de Poppe/ TradingView
Van de Poppe observes a historical trend where Bitcoin rallies first, followed by Ethereum and then altcoins, signalling an altcoin bull cycle. The current peak in Bitcoin dominance is likely a sign of this cycle’s start. As Bitcoin’s run concludes, we can expect a shift of investment towards altcoins, particularly Ethereum, which may lead a significant altcoin market rally. Van de Poppe pointed out Ethereum’s potential bullish divergence, suggesting a substantial growth phase for altcoins. This trend has historically been observed even before a Bitcoin halving.
ChainLink’s Performance Against Bitcoin
Van de Poppe highlighted the recent price movements of ChainLink, noting its rise from around US$6 (AU$9.15) to potentially US$18 (AU$27.44) or even US$20 (AU$30.49). He suggests that after this increase, a partial correction might occur before another surge towards higher values. Van de Poppe stressed the importance of observing ChainLink’s performance against Bitcoin, pointing out the significant recent gains ChainLink has made in this comparison. This trend shift in the Bitcoin pair is not new and has been observed in previous cycles.
ChainLink, annual chart, source: CoinMarketCap
The trader advised that recognising when ChainLink reaches its peak value against Bitcoin could be a strategic moment for investors to switch their investments from LINK back to BTC. Additionally, he indicated that when ChainLink finds support at a higher timeframe in its pairing with Bitcoin, it’s an opportune time to reinvest in ChainLink. Currently, LINK is showing patterns of higher lows and higher highs. This bullish trend suggests that when there’s momentum in altcoins, as evidenced by their performance against BTC, it signals an opportune time to start investing in them.
ChainLink/ Bitcoin, source: Michaël van de Poppe/ TradingView/ YouTube
The post Seasoned Trader Forecasts Trillion-Dollar Altcoin Market appeared first on Crypto News Australia.
Filed under: Bitcoin - @ December 11, 2023 8:19 am