A widely-followed crypto analyst says the altcoin markets are ready to explode while examining what Bitcoin (BTC) must do to stay ahead.
Crypto trader Michaël van de Poppe tells his 592,400 Twitter followers that the altcoin market cap will grow by at least 25% in the coming months.
“Seems likely to me that the altcoin market capitalization is going to grow approx. 25-35% in the coming month as crucial support holds.”
With a current market cap of approximately $1.03 trillion, Van de Poppe’s crypto market cap chart, which excludes Bitcoin, indicates the trader predicts the altcoin market cap will grow to somewhere between $1.23 trillion and $1.34 trillion by year’s end.
Moving on to BTC, Van de Poppe said earlier today that as long as Bitcoin remains trading above $38,000, the leading crypto asset by market cap would continue moving upwards.
“Bitcoin looking at a [higher low] in which I’d preferably looking at a potential long.
As long as we stay above $38,000, everything looks fine for further continuation.”
Illustrating the daily volatilities of the crypto markets, Bitcoin has dropped below $38,000 in the hours since Van de Poppe’s tweet. Van de Poppe has updated his followers, saying BTC must reclaim its previous support zones.
“Well, that’s dropping fast here and now the liquidity beneath the lows have been taken by the Bitcoin price action.
Level that has to be reclaimed is the zone at $37,500, as that’s the previous support zone.”
Bitcoin is trading for $36,980 at time of writing, down 5.7% in the last 24 hours and half a percent in the last sixty minutes.
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Featured Image: Shutterstock/Doremi/Sensvector
