A widely followed crypto analyst is updating his outlook on Bitcoin (BTC) and the altcoin markets after a huge week of gains for the king crypto.
Crypto trader Michaël van de Poppe tells his 658,100 Twitter followers that with Bitcoin dominance (BTC.D) increasing rapidly, it will likely reach a consolidation point, soon, which is good for altcoins.
“Bitcoin dominance approaching next point of resistance, while Bitcoin reaches the next point of resistance as well.
Probably Bitcoin will start to consolidate, so Altcoins have some period of relief approaching and can pick up pace.”
BTC.D is a measure of the percentage of the total cryptocurrency market capitalization that is made up of Bitcoin.
BTC is worth $29,757 at time of writing, up 19% in the last week.
After such a week of gains, Van de Poppe expects BTC to reach a consolidation point sometime soon.
“Still the thesis for Bitcoin.
I’m expecting we’ll consolidate a little bit (whether or not sweeping the high again).
In that case, the optimal entry is at $28,500.”
Based on the trader’s interpretations of BTC’s 200-week moving average (MA) and exponential moving averages (EMA), he expects BTC to overall continue toward $40,000.
“Most likely, this is the first real impulse in this cycle on Bitcoin.
Through that, the 200-Week MA and EMA are holding as support and a big bounce occurred + institutional interest.
I’m expecting continuation towards $38,000-$42,000.”
Finally, looking at the altcoin markets, the crypto analyst says we are at the “depression” stage of the altcoin cycle.
“We’re here.
The depression stage on Altcoins.
Some are already picking up pace, rest still needs to follow. Volume slowly picking up, people still expecting more pain to come.
From depression to disbelief. That’s what we’ll see next on Crypto.”
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Source: https://dailyhodl.com/2023/06/22/analyst-updates-outlook-on-exploding-bitcoin-price-says-altcoin-markets-facing-a-depression/