A crypto strategist thinks that altcoins are about to upstage Bitcoin (BTC) after years of languishing in the background.
Analyst Michaël van de Poppe tells his 789,100 followers on the social media platform X that he thinks the period of altcoin underperformance against Bitcoin is almost over based on the Bitcoin Dominance (BTC.D) chart.
The BTC.D chart tracks how much of the crypto market cap belongs to BTC. A bearish BTC.D indicates that altcoins are outperforming Bitcoin.
According to Van de Poppe, altcoins are now poised to outpace Bitcoin as the BTC.D chart is flashing a bearish reversal signal on the weekly chart.
“The end of the bear market (yes, a bear market on altcoins underperforming Bitcoin) is still here.
Strong bearish divergence on the Bitcoin dominance, implying we’re about to reverse and altcoins about to shine.
Nothing has changed.”
At time of writing, BTC.D is hovering at 63.89%.
Looking at Bitcoin, the trader thinks BTC will retest a key psychological area as support before rallying to fresh record-high levels.
“I’m monitoring the current price action and I won’t be surprised if we’re seeing a slight correction happening on Bitcoin.
Probably macro-driven or whatever reason, but I wouldn’t be surprised to build some more stamina before we continue the rally to $120,000-$130,000.”
At time of writing, Bitcoin is worth $109,112.
As for Ethereum (ETH), the analyst says a correction toward the $2,000 price level would present a solid opportunity for long-term investors.
“Similarly, I think it’s vital that, if ETH drops beneath $2,400, that will give a tremendous opportunity.
Ethereum rallied from $1,800 to $2,700 in a few days. If there’s a 10-20% correction, pretty normal, great opportunity to get yourself positioned into it.”
At time of writing, ETH is worth $2,663.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
