- Market analyst Michaël van de Poppe is bullish on altcoins including Ethereum.
- He postulated the potential altcoin run by analyzing Bitcoin’s dominance chart.
Popular cryptocurrency analyst Michaël van de Poppe is of the opinion that Ethereum (ETH) and many other altcoins are about to enter a bull run.
The widely-followed crypto trader took to X (formerly Twitter) to inform his followers that he has been spending some time analyzing Bitcoin dominance (BTC.D) charts which usually give an insight into how much of the global crypto market capitalization is attributed to Bitcoin.
Based on Poppe’s analysis, the BTC.D chart is likely going to repeat its late 2019 to mid-2020 market structure when it respected the 200-week Exponential Moving Average (EMA) as resistance. Beyond the crypto trader’s speculation, a bearish BTC.D chart is often perceived as a positive sign for altcoins.
This is because it suggests that the prices of altcoins may rise faster than that of the leading cryptocurrency by market cap, BTC.
Altcoins May Surge as BTC Halving Draws Close
According to Michaël van de Poppe, the overall sentiment is that despite the odds, the markets might continue to fall. Now, Bitcoin’s dominance is down since the test of the 200-week EMA, which is also in line with the previous cycles. Seeing that the Bitcoin halving event is about 8 to 10 months away, it is expected that altcoin prices will surge instead of a bear market. The crypto analyst added.
And yes, of course, if Bitcoin falls another 10% in September, the US dollar values of altcoins will start to fall too. But did we see that happen in the previous corrections? Not entirely. We’ve seen a case where the BTC pairs of altcoins are bouncing up. That’s a slight sign of strength. If that continues to happen, we’re on the edge of having breakouts on altcoins across the board.
Furthermore, Michaël mentioned that he is bullish on ETH against BTC. He says there is a high chance that the low on Ethereum against Bitcoin as well has already happened. He believes that the present situation is the case of the low 252 days prior to the halving of Bitcoin. The coming of approval for ETH futures Exchange Traded Fund (ETF) from the United States Securities and Exchange Commission (SEC) which is expected in the next month is also seen as an important trigger.
The crypto analyst concluded by stating that the bull market always starts when nobody expects it and, this might be the period this will happen.
His speculations are yet to be confirmed but certain green movements have been observed amongst altcoins today. Pepe Coin (PEPE) which was previously drowning alongside Litecoin (LTC), is now exhibiting bull signals and has surged by almost 1% in the past 24 hours, trading at a market value of $0.0000007945. Coinbase-linked Astar Network (ASTR) is equally doing well with a price jump of almost 6% in the last 24 hours and at the time of this writing, ASTR was trading at $0.05517.
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