Crypto Analyst Foresees Altcoin Rally And Sets Crucial Bitcoin Support Level
By Benzinga
Well-known crypto analyst Michaël van de Poppe has predicted a potential surge in the altcoin market, following a period of stagnation. The analyst has also identified a critical support level for Bitcoin (CRYPTO: BTC) to maintain its upward trajectory.
What Happened: Van de Poppe suggests the altcoin market is poised for an upswing after hitting a low.
The analyst shared with his 751,700 followers on X that the OTHERS chart, which monitors the market cap of all cryptocurrencies except the top 10 coins and stablecoins, is showing a bullish pattern on the weekly timeframe.
“The altcoin market capitalization (OTHERS) has bottomed out. There is a bullish divergence and a strong move upwards, which suggests that we’re likely just making a higher low here. Onwards and upwards,” he said.
Van de Poppe also forecasts a significant rise for Aptos (CRYPTO: APT), predicting it will climb over 41% from its current price. He expects APT to reach targets of $17 and $20, with APT currently trading at $14.18, marking a 3% increase in the past day.
Regarding Bitcoin, the analyst emphasizes the importance of maintaining a support level above $98,000 to sustain its upward momentum. BTC is currently valued at $101,170, rebounding from a brief dip into the $99,000 range.
Why It Matters: In the weeks leading up to this prediction, van de Poppe had warned of potential “4-6 flash crashes” for Bitcoin as it approached the $100,000 mark.
These corrections were expected to cause Bitcoin to drop by 5-10% in a single day, while altcoins could see even larger declines of 20-30%.
Despite these potential setbacks, van de Poppe suggested that these dips could serve as strategic entry points for investors, as Bitcoin’s consolidation might trigger an altcoin rally.
This aligns with the recent surge in XRP (CRYPTO: XRP), which has outperformed Bitcoin and Ethereum, driven by favorable legal developments.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
