Michaël van de Poppe, one of the most influential analysts of the cryptocurrency market, talked about Bitcoin and the general cryptocurrency market in his statement.
According to the analyst, the total market cap chart excluding Bitcoin is actually performing well. Therefore, the analyst claims that the consolidation in question is an expected event, after which an upward bounce scenario is possible.
Speaking about Bitcoin dominance, van de Poppe said that dominance may have seen its peak. In this context, the analyst believes that Ethereum ETF approvals will allow the altcoins' momentum to continue as a rotation trigger.
According to the analyst, a divergence in favor of the bear was observed in BTC's dominance chart.
In addition, the analyst thinks that the actual mining hash rate of the Bitcoin network has decreased. Miners are approaching the capitulation zone in a manner similar to that caused by the FTX crash. According to the analyst, the decline of miners is occurring at a pace similar to the FTX collapse period.
Van de Poppe therefore argues that it is only a matter of time before the cryptocurrency market makes a comeback.
In addition, the analyst, who also examined BTC's weekly candlestick chart, said that he thought the correction movement was relatively over.
*This is not investment advice.
