Get the scoop on finance - sign up for mobile alerts
Bitcoin
| On
October 19, 2023

Crypto Analyst Says Bitcoin (BTC) ‘Fighting Crucial Levels’, Does a Deep Dive Into the Altcoin Cycle

By Daily Hodl Staff

A widely followed crypto analyst is breaking down Bitcoin’s (BTC) trajectory while taking a hard look at the altcoin cycle.

Crypto trader Michaël van de Poppe tells his 668,800 followers on the social media platform X that BTC is in the midst of “fighting crucial levels.”

ADVERTISEMENT

“Bitcoin fighting crucial levels. 

A retest around $27,700 would still be possible, while Gold is continuing the upwards run.

Above $28,800 and we’ll be eager towards $30,000 in a matter of time.”

Source: Michaël van de Poppe/X

In the analyst’s opinion, it might not be so bad if BTC were to consolidate for a period.

ADVERTISEMENT

“Bitcoin is not following through, and to be fair, I’d rather want to see it consolidate here for a few days before continuing.

Taking out some liquidity on the long side, through which a test at $27,600-27,800 seems likely. 

Both $27,700 and $27,300 are long regions.”

Source: Michaël van de Poppe/X

BTC is worth $28,668 at time of writing.

Moving on to the altcoin markets, Van de Poppe says alts are in the middle of the last phase of the bear cycle.

ADVERTISEMENT

“Altcoins are in the last part of the bear cycle. 

Yes, it feels relatively painful. The sentiment is completely gone, no interest in crypto. 

The only thing moving is Bitcoin and, yet, that one needs to crack some levels.”

The analyst says this bear market has been the longest-lasting one for altcoins. In the current geopolitical climate, and with US regulators considering the approval of a Spot BTC exchange-traded fund, Van de Poppe thinks BTC is likely to move up.

“Through that, the upside is significantly in Bitcoin and other altcoins. Bitcoin is the first-runner, almost always. People buy altcoins when there’s confidence in the markets, but if you look at the bigger ones, like Chainlink, or Solana, or Injective. 

They all start to trend upwards already. Ethereum is showing weakness all over the place as there was a lot more hope into the ETH ETF Futures launch, which didn’t happen. 

Right now, Ethereum is finalizing the final correction on the Bitcoin pair, hence why we can see the Bitcoin dominance continuing the surge at this point.”

According to the analyst, BTC’s upcoming halving event will likely set off the altcoin markets.

“A few months prior to the Bitcoin halving, that was the altcoin bottom. 

History will most likely repeat itself.”

Source: Michaël van de Poppe/X
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/breakermaximus