Altcoins may be gearing up for another series of rallies after Bitcoin’s historic run past $100,000, according to a well-known crypto analyst. In a recent strategy session, Michaël van de Poppe suggests that altcoins could break out once Ethereum starts to surge again in its Bitcoin pair. With ETH/BTC currently trading at 0.03848 BTC, down 3.34% in the last 24 hours, van de Poppe believes a strong run on altcoins is imminent.
One of the bullish signals for altcoins, as per the analyst, is the decline in Bitcoin’s dominance level. With BTC.D currently at 56.03%, van de Poppe notes that the first drop in Bitcoin dominance has already occurred. This trend suggests that altcoins are poised for a breakout as Bitcoin consolidates after breaking through the $100,000 resistance level.
Van de Poppe predicts that Bitcoin will start consolidating after surpassing $100,000, potentially leading to a positive outlook for altcoins. With Bitcoin trading at $101,315 at the time of writing, up 6.9% in the last 24 hours, the stage seems to be set for altcoins to shine. By closely monitoring the ETH/BTC pair and Bitcoin dominance level, traders can stay ahead of potential altcoin rallies.
In conclusion, the crypto analyst’s outlook on altcoins remains optimistic, as he expects Ethereum’s surge against Bitcoin to trigger a breakout for other altcoins. With Bitcoin dominance on the decline and BTC consolidating after breaking the $100,000 barrier, altcoins are poised for a strong run. Traders are advised to stay updated on key indicators such as the ETH/BTC pair and Bitcoin dominance level to capitalize on potential altcoin rallies in the near future.
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