dailyhodl.com
A closely followed crypto analyst believes altcoins may be gearing up for another series of rallies after Bitcoin’s ($BTC) historic run past $100,000.
In a new strategy session, crypto trader Michaël van de Poppe tells his 747,900 followers on the social media platform X that altcoins may break out once Ethereum ($ETH) starts to surge again in its Bitcoin pair ($ETH/$BTC).
“$ETH has hit 0.04 $BTC and came back down as Bitcoin started to rally. I expect that we’ll consolidate some more and then we have another strong run on the altcoins.”
$ETH/$BTC is trading for 0.03848 $BTC ($3,876) at time of writing, down 3.34% in the last 24 hours.
The analyst also says a bullish signal for alts is the decline in Bitcoin’s dominance level ($BTC.D), the ratio between the market cap of $BTC versus the market cap of all crypto assets combined. At time of writing, $BTC.D is at 56.03%.
“The first drop of the Bitcoin dominance has happened. Slight bounce upwards a Bitcoin takes the spotlight again, but it’s quite clear that we’re trending downwards on the overall Bitcoin dominance.”
Lastly, the analyst predicts that Bitcoin will start consolidating after breaking through the $100,000 resistance level, setting the stage for altcoins to break out.
“Bitcoin broke through $98,000 and the $100,000 barrier was lifted in just a blink of an eye. Altcoins suffering slightly, but imagine the upside altcoins are going to have when Bitcoin continues to consolidate. Great times.”
Bitcoin is trading for $101,315 at time of writing, up 6.9% in the last 24 hours.