Michaël van de Poppe, a well-known cryptocurrency analyst and trader, recently shared his views on Bitcoin and altcoins on his official Twitter account.
Van de Poppe, who has more than 657,000 followers, posted a series of tweets covering various aspects of the crypto market.
"Total Cryptocurrency Market Cap Needs to Hold $1.05 Trillion"
In his first tweet, Van de Poppe commented on the coin's total market cap, saying it needs to stay above the $1.05 trillion level (200-week moving average) to avoid further declines. However, he stated that the market failed to achieve this and started to decline by rejecting this level.
He added that if there is any bullish expectation, the market should regain this level as soon as possible, otherwise it may test the $800 billion and $950 billion levels.
In his second tweet, he focused on Bitcoin dominance, which measures Bitcoin's ratio in the total crypto market cap. He said he expects some more momentum for Bitcoin, which will lead the Ethereum/Bitcoin pair towards new lows and retests.
He also claimed that six to nine months before the next Bitcoin halving (expected to happen in May 2024), altcoins will bottom out and start a bull run.
In his third tweet, he highlighted some positive signs for Bitcoin, such as gold and indices rising, the US dollar index falling and bond yields peaking. He argued that it is only a matter of time before Bitcoin is on the rise.
Poppe analyzed the Altcoin Others.D chart, which tracks the performance of other tokens excluding Bitcoin and Ethereum. He said this chart provides some interesting insights as it shows altcoins bottoming out 10 months before the BTC halving in both the 2014-2017 and 2017-2021 cycles. He hinted that we are now 10 months before the halving, which could be close to altcoins' lows.
*Not investment advice.