As the cryptocurrency market continues to navigate through its volatile landscape, a notable crypto analyst has shared an optimistic outlook for altcoins following a significant market correction.
What Happened: A prominent cryptocurrency analyst, Michaël van de Poppe, has forecasted a significant surge for altcoins in the near future. According to the trader, the altcoin market is primed for an upward trajectory after a substantial correction while Bitcoin BTC/USD consolidates.
"Very healthy correction on the altcoin market capitalization, likely to be breaking upwards to the highs in the upcoming months, while Bitcoin consolidates,” he wrote.
The analyst also suggested that the lows for many coins are likely in place, citing “a lot of strength on the altcoin market” and the appearance of bottoming out patterns in weekly candlestick charts. Previously, Van de Poppe predicted the altcoin market cap could reach nearly $1 trillion.
He also added that he would continue trading and investing in altcoins despite their low valuation.
“After the run, I’ll swap back towards Bitcoin and wait for the end of the cycle,” he added.
Why It Matters: The prediction from Michaël van de Poppe comes on the heels of other bullish forecasts within the crypto community. Guy Turner, the host of the YouTube channel Coin Bureau, projected that Bitcoin could approach $100,000 and that altcoins are set to surpass their all-time highs by the end of 2025.
Furthermore, the cryptocurrency market has recently witnessed a momentum shift, with major coins like Bitcoin, Ethereum, and Dogecoin gaining value. The global cryptocurrency market cap saw a 4.2% increase to $2.55 trillion. This rise in the crypto market occurred despite a decline in other risk assets like equities in pre-market trading.
Read Next: Bitcoin, Ethereum, Dogecoin Rise: Analyst Eyes $70K For BTC This Week
Image via Shutterstock
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
