A widely followed crypto strategist is predicting an incoming rally for the altcoin markets, which he believes will likely be triggered by a Bitcoin (BTC) breakout.
Analyst Michaël van de Poppe tells his 655,900 Twitter followers that he’s keeping a close watch on the OTHERS.D chart, which tracks how much of the total market cap of crypto belongs to large-cap altcoins.
Van de Poppe sees OTHERS.D dropping in the short term as he believes Bitcoin will likely take out $30,000 first before altcoins can join the rallies.
“The time for altcoins is almost there.
Bitcoin is chopping around, most likely breaking back up soon enough.
$30,000 break and ETH/BTC bounce from 0.059 (BTC worth $1,661) and altcoins can have relief.
Patience.”
Looking at Van de Poppe’s chart, he appears to mark 8.66% and 7.02% as potential bounce areas for OTHERS.D. At time of writing, OTHERS.D is hovering at 8.91%.
As for Ethereum, Van de Poppe believes that ETH is flashing a bullish signal as it continues to print higher lows. According to the analyst, an Ethereum breakout will likely result in rapid price acceleration.
“If we break up, it is a fast break up and then we can start moving towards the resistance. If we break this level here ($2,150), it is an expansion all the way towards $2,700 to $2,800…
First Bitcoin is going to move substantially, and then if Bitcoin is done, Ethereum will just follow through and then also the other majors are going to follow through.”
At time of writing, Ethereum is trading for $1,867.
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Natalia Siiatovskaia/Brita Seifert