Renowned trader Michaël van de Poppe highlighted in a recent analysis that altcoins are preparing to experience massive price surges in the coming months. The analyst noted that the altcoin market experienced a devaluation of more than 16% during the correction recently.
“Very healthy correction in Altcoin market capitalization, which will likely reach highs in the coming months as Bitcoin consolidates,” he wrote.
Very healthy correction on the #altcoin market capitalization, likely to be breaking upwards to the highs in the upcoming months, while Bitcoin consolidates. pic.twitter.com/vnnlOC6lXS
- Michaël van de Poppe (@CryptoMichNL) March 24, 2024
The expert was able to predict well that the Bitcoin would test the $70K price zone this week in a analysis recent. “Looking at the weekly candles in the markets, it appears we are relatively at the bottom for most Altcoins. I think Bitcoin is also likely to test $70K next week, including a lot of strength in the altcoin markets,” he said on March 24.
In a recent market swing, Bitcoin demonstrated its unwavering strength by once again surpassing the US$71 threshold. This upward movement comes after a brief pullback, which saw the leading cryptocurrency fall below US$61, inciting debate and speculation among investors and analysts about the immediate future of the digital asset.
After the price increase of the largest cryptocurrency, Michaël van de Poppe highlighted that Bitcoin has been growing well and is currently at the first resistance. “Expecting consolidation to continue, one more pre-halving test of the ATH and then we are finishing this run for Bitcoin. Altcoins to do well!”, he added.
At the time of publication, the Bitcoin price it was quoted at US$70.766,40, up 5.9% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$41.657.947.537. In its weekly development, the Bitcoin price increased by 11.9% in the last seven days.
