Widely followed crypto analyst Michaël van de Poppe says that altcoins still have plenty of room to grow.
In a new thread on X, Van de Poppe tells his 809,300 followers that based on the dominance levels of Bitcoin (BTC) – which keeps track of the percentage of the total market cap of cryptocurrencies taken up by the flagship digital asset – altcoins have more upside.
[adinserter block="1"]“The Bitcoin dominance is comparable to Q3/Q4 2019. It’s in a downtrend and there’s way more upside for altcoins to come. Doesn’t mean that the Bitcoin dominance can’t bounce up in between.”
Historically, altcoins tend to surge after Bitcoin’s dominance levels top out. Currently, BTC’s dominance level is sitting at 58.83 at time of writing.
Van de Poppe then turns his attention to BTC itself, noting that its latest surge greatly increased the chances that its correction has finished – a trend he says that if continues also signals an upcoming altcoins season.
“Magnificent move of Bitcoin upwards. I think that the chances of the correction to be over have significantly increased. Good times are ahead. Break this further upwards and we’re in altcoin season.”
The trader then says that he expects altcoins to follow in the footsteps of the top crypto asset by market cap.
“We’ve seen this game before with Bitcoin. A sweep of the high, no clear breakthrough. A period of consolidation beneath the ATH. A very strong breakout above the ATH (all-time high). That’s what I expect to see with the altcoin market capitalization.”
Bitcoin is trading for $114,209 at time of writing, a 4% increase during the last 24 hours.
Van de Poppe concludes by noting that altcoins just need one more push before they smash into new all-time high territory sometime before the end of the year.
“The altcoin market capitalization provides a clear rejection at the ATH. One more pushback before it will break through the resistance and start printing massively new ATHs. That means: time to buy the dip.”
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