A widely followed crypto trader is analyzing the altcoin and crypto markets while plotting out Bitcoin’s (BTC) next move.
Crypto analyst Michaël van de Poppe tells his 708,700 followers on the social media platform X that the altcoin markets, which include all tokens except for BTC and Ethereum (ETH), are prepping to reach for a new all-time high (ATH).
“The total Altcoin market capitalization is eager for a continuation.
This means that I’m expecting a correction to be happening, or at least consolidation, before a big surge towards the ATH.”
Looking at some specific altcoins, the analyst thinks Litecoin (LTC), Cosmos (ATOM) and Polkadot (DOT) are on their way up.
“Litecoin moving up, and dino coins are following.
Expecting the Ethereum ecosystem to do well, including ATOM and DOT.”
Shifting to the overall crypto market cap, which includes altcoins as well as BTC and ETH, Van de Poppe says the markets may stall momentarily before rallying once more.
“Massive run on the markets for the Crypto market capitalization.
Overall, I suspect we will consolidate before we continue to rally.
This year has been a blast so far, and this probably continues to do so, but for now, consolidation.”
Finally, focusing on king crypto BTC, the trader tells his followers not to expect Bitcoin to jump to $100,000 too soon.
“The range is relatively defined on Bitcoin.
I don’t believe we’ll blast to $100,000 all of a sudden and are still following the path of the 4-year cycle, for now.
Consolidating areas at $60,000 support ranges, areas around ATH to be resistance.
In between chop.”
BTC is worth $69,440 at time of writing, down 3% in the last 24 hours.
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Featured Image: Shutterstock/Tithi Luadthong