Bitcoin and altcoins started the week with a decline, as the Fed's interest rate decision was expected.
While BTC fell below $28,000, there were significant pullbacks in altcoins.
While investors are waiting for $30,000 in Bitcoin, altcoins are also expected to rise.
Noting that altcoins continue to show weakness in general, well-known analyst Michael van de Poppe explained when altcoins will start to rally.
Making a statement on his Twitter account, Poppe said that there are two conditions for the recovery of altcoins.
The analyst stated that the first condition is for BTC to break $30,000 and the second condition is for Ethereum to rise against Bitcoin.
"He continues to show weakness overall. So when will they start collecting?
First condition: Bitcoin broke $30,000 and confidence in the markets has risen again.
Second condition: Ethereum gains value against BTC.
After these two components, altcoins continue to recover."
#Altcoins continue to show weakness across the board.
They'll start picking up when;
– #Bitcoin breaks $30K -> confidence back in the markets.
– #Ethereum bounces against $BTC.After those two ingredients -> altcoins continue to rally.
— Michaël van de Poppe (@CryptoMichNL) May 2, 2023
Bitcoin continues to trade at $ 28,060 at the time of writing.
*Not investment advice.
