Experienced cryptocurrency analyst Michaël van de Poppe talked about the course of Bitcoin and the general cryptocurrency market in his statement.
According to the analyst, critical decisions await Bitcoin in the coming period. Van de Poppe said that the $60,500 to $61,000 threshold for the BTC price is still holding, and exceeding $63,000 means removing the next obstacle to reach the all-time high.
However, the analyst stated that if the $60,500 support level is broken, he sees $52,000 to $55,000 as the next support zone.
Addressing the altcoin market, the analyst claimed that many altcoins have formed a double bottom and the possibility of a rally has increased greatly. He said market sentiment is low as people expect the downward momentum to continue.
Additionally evaluating Bitcoin dominance, van de Poppe claimed that this metric has probably seen its peak. At the time of writing this article, BTC dominance is at 55.28%.
According to the analyst, the Ethereum ETF decision, which will be announced next week, could be a major positive trigger for the markets. The analyst said that this time he expects the needle to turn on the altcoin side.
*This is not investment advice.