A closely followed crypto analyst believes the altcoin bull market is only just getting started as Bitcoin (BTC) may soon print new all-time highs.
In a new strategy session, crypto trader Michaël van de Poppe tells his 751,300 followers on the social media platform X that Bitcoin may next reach $106,000 for the first time in its history within days if it can hold $97,844 as support.
“The crucial level is still defined on BTC. If the markets stay above that area, it’s likely that we’ll see new all-time highs in the coming days.”
Bitcoin is trading for $101,875 at time of writing, down 2% from its all-time high of about $103,700.
Next up, the analyst says that the crypto market remains strong and he is staying bullish on altcoins like layer-1 (L1) protocol Near (NEAR).
“Upwards and onwards we go. The markets look great. NEAR has seen a casual correction and is likely continuing the uptrend from here.”
Looking at his chart, the trader suggests that NEAR may surge to near $15 within three months.
NEAR is trading for $7.12 at time of writing, up 4.3% in the last 24 hours.
The trader also says that the TOTAL3 chart appears to be on the verge of breaking out on the weekly timeframe against Bitcoin (TOTAL3/BTC). The TOTAL3 chart tracks the market capitalization of all crypto assets excluding Bitcoin, Ethereum (ETH) and stablecoins.
“The altcoin market capitalization divided by Bitcoin is still showing the biggest bullish divergence in existence. This altcoin bull market is far from over.”
A bullish divergence, which suggests price will start to increase, occurs when the price of assets records lower lows while indicators, such as the Relative Strength Index (RSI), a momentum oscillator indicator, are witnessing higher lows.
Lastly, he says altcoins like Polygon (POL) rival Optimism (OP) are primed for another leg up after retracing.
“I’m not interested in taking profits at this stage. I’m interested in doing this way higher, but my invalidation levels will increase. For OP, I’d like to see it stay above $1.80. If that happens, we’ll have a party towards $4 minimal in the coming period.”
OP is trading for $2.59 at time of writing, up 11.3% in the last 24 hours.
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