Amidst the confusing state of where the market could lead from now and which crypto assets could perform well, a crypto trader put his predictions on altcoins
Currently, where the market is fluctuating and, in a broader view, seems to go down consistently, a crypto analyst having a wide following all along the crypto space said that the altcoin market is anyway ready to explode and make a long lasting impression. The expert crypto trader also examined what bitcoin should do in order to stay ahead of the others and maintain its long-held position.
The famous crypto trader being discussed here is Michaël van de Poppe who told on his Twitter to his 592K followers that the market capitalization of overall altcoins will grow in the coming months by at least 25%.
He said that it seems likely to him that the altcoin market cap will see a growth of approximately 25% to 35% in upcoming months as it would be crucial for supportive holding. Van de Poppe shared the market chart excluding bitcoin, where altcoins have a market cap of approximately 1.03 trillion, indicating that the trader is predicting the market cap of altcoins will grow to somewhere between $1.23 trillion and $1.34 trillion by the end of this year.
Earlier yesterday, while moving to bitcoin, Van De Poppe said that as long as bitcoin would trade above the $38,000 mark, the top crypto asset in terms of the market cap would continuously move upward. He said that bitcoin, while looking at a higher low in which it, would preferably look at a possible potential long. As long as bitcoin stays above $38,000, everything will likely be fine for upcoming times.
However, the bitcoin dropped even below $38,000 just a few hours after the tweet of Van de Poppe, illustrating the unpredictability and volatility of the cryptocurrency market. While updating his followers, Van de Poppe said that bitcoin must reclaim its previously owned support zones. With the fast dropping here and now, the liquidity in the crypto assets is beneath the lows which the price action of bitcoin has taken down.
He said that the level that needs to be reclaimed is $37,500 zones as it’s the same support zone as it was previously. Bitcoin is trading below the assumptions to approximately $35,872 at the time of writing, which is in 24 hours, dropped by more than 9.19%.
Source: https://www.thecoinrepublic.com/2022/05/06/why-does-this-top-crypto-trader-think-altcoins-are-ready-to-pop-the-market/