Crypto Analyst Highlights Altcoin Market Bottom, Draws Line in the Sand for Bitcoin (BTC)
A closely followed crypto analyst believes that the altcoin market is entering an uptrend after bottoming out.
In a new strategy session, crypto trader Michaël van de Poppe tells his 751,700 followers on the social media platform X that the price action of the OTHERS chart may be printing a bullish pattern on the weekly timeframe.
The OTHERS chart, which is often used to gauge the altcoin market strength, tracks the market capitalization of all crypto assets excluding the 10 largest coins and stablecoins.
“The altcoin market capitalization (OTHERS) has bottomed out. There is a bullish divergence and a strong move upwards, which suggests that we’re likely just making a higher low here. Onwards and upwards.”
The trader is also predicting that layer-1 blockchain Aptos (APT) will increase by more than 41% its current value.
“Tweeted about this one earlier. Significant bounce from APT on the higher timeframe support area. Expecting this one to continue to run upwards to $17 and $20, the latter is a primary target.”
APT is trading for $14.18 at time of writing, up 3% in the last 24 hours.
Lastly, the trader says that Bitcoin (BTC) needs to hold $98,000 as support to remain in an uptrend.
“Bitcoin looks ready to continue moving upwards. It needs to hold above $98,000 and then we’re good to go.”
Looking at his chart, the trader suggests that Bitcoin may soon hit $106,000.
Bitcoin has bounced back since yesterday’s short dip into the $99,000 territory. BTC is trading for $101,170 at time of writing.
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