A widely followed cryptocurrency analyst believes that altcoins could defy expectations and rally ahead of the Bitcoin (BTC) halving.
Crytpo trader Michaël van de Poppe tells his 666,400 followers on the social media platform X that he’s looking at the Bitcoin dominance (BTC.D) chart, which tracks how much of the crypto total market cap belongs to BTC.
According to the analyst, the Bitcoin dominance chart could repeat its late 2019 to mid-2020 market structure when it respected the 200-week exponential moving average (EMA) as resistance.
Trending: One of America’s Largest Pharmacies Proposes to Close Hundreds of Stores in Bankruptcy
Generally, traders see a bearish BTC.D chart as a positive sign for altcoins as it suggests that alts may rise faster in value than BTC.
Says Van de Poppe,
“Well, the overall sentiment is still that the markets are continuing
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!