A widely followed crypto analyst is diving into Bitcoin’s (BTC) latest rally and what it could mean for the altcoin markets.
Crypto trader Michaël van de Poppe tells his 702,100 followers on the social media platform X that BTC’s pre-halving rally is right on schedule.
“Bitcoin dominance continues the rally.
To date, the pre-halving rally is still rock solid.
The question is, are we going to peak pre-halving? If so, it would be the signal for Altcoins to flourish.
What do we want to see?
We’d like to see them bounce in their BTC pairs.”
The BTC halving refers to the quadrennial pre-programmed event where BTC mining rewards are cut in half. The next Bitcoin halving is expected for next month.
According to the analyst, with BTC up 6.2% in the last seven days, he expects the king crypto could consolidate soon.
“Bitcoin continues the momentum, as the inflow remains to be super positive.
I’d personally be favoring some ‘consolidation’, and given the overextended technical view, I suggest we’ll still be getting it.”
According to Van de Poppe, a BTC correction could be “golden” for altcoins.
“Pure technical framework for Bitcoin.
– Lower volume on the rally.
– Bearish divergence applied.
Nothing is confirmed, yet, but after this extremely positive run, it’s potentially likely that we’re going to have a correction.
That would be golden for Altcoins.”
BTC is worth $71,065 at time of writing.
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The post Analyst Does a Deep Dive Into Bitcoin’s Dominance, Sees ‘Golden’ Opportunity for Altcoins To Flourish appeared first on The Daily Hodl.