Michaël van de Poppe, a prominent cryptocurrency analyst and founder and CEO of Eight, a consulting and education platform, shared his views on Bitcoin and altcoins in his recent tweets.
In his tweet today, Van de Poppe said that Bitcoin is moving weakly and losing one level after another. Van de Poppe said reclaiming $27,200 is necessary and will then seek long positions towards higher highs. For now, he said, he waits patiently for a test of $26,400, or potentially lower.
The analyst noted that after the BTC price exceeded $ 27,200 with the latest development, if it makes a high bottom here, its next target is $ 29,000.
Van de Poppe mentioned altcoins in another tweet. He said that he has been following the altcoin market cap dominance chart for a while, marking the 8.20-8.65% level as a potential support for altcoins.
I've been following this chart for a while and marked that level at 8.20-8.65% as a potential support for #altcoins.
Altcoins bottom out one year before the halving. That's approximately right now.
Good bounce and a potential weekly bullish divergence start to pop up. pic.twitter.com/ZDyjTvkDBG
— Michaël van de Poppe (@CryptoMichNL) May 17, 2023
Altcoin market cap dominance value is at the level of 9.59% at the time of this writing.
The analyst said that altcoins bottomed out a year before the Bitcoin halving, which is about now. He also noted that a good bounce and a potential one-week bullish divergence are starting to emerge.
*Not investment advice.
