Bitcoin Remain in Consolidation Phase, As Analyst Says Altcoin Poised For Big Rally
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The post Bitcoin Remain in Consolidation Phase, As Analyst Says Altcoin Poised For Big Rally appeared first on Coinpedia Fintech News
Bitcoin, the leading cryptocurrency, is currently at a crucial point as various indicators hint at a potential decline in its price. In recent weeks, Bitcoin has seen a downward trajectory, slipping below $41,000 after reaching $49,000 on January 11th.
$2.1 Trillion Market Cap
Crypto analyst Michaël van de Poppe has shared insights, suggesting that the TOTAL chart, tracking the overall market capitalization of all crypto assets, is gearing up for a significant rally of almost 33%, eyeing a $2.1 trillion mark.
According to him, this surge is likely to be led by altcoins, taking the spotlight while Bitcoin goes through a consolidation phase. Meanwhile, the analyst’s optimistic view on altcoins aligns with his analysis of the Bitcoin dominance (BTC.D) chart.
This chart measures Bitcoin’s share in the crypto markets and seems to be following a pattern observed in 2016 and 2020, where it peaked just before the Bitcoin halving event. As the historical cycle repeats, he foresees altcoins taking the lead and outperforming following a period of consolidation for Bitcoin.
Next Buying Range – $36k
Van de Poppe wonders if Bitcoin has already reached its lowest point but suggests it might go a bit lower before getting better. Meanwhile, the analyst expressed personal interest in accumulating more Bitcoin, he identifies the $36,000 to $40,000 range as a strategic zone for adding to positions.
As Bitcoin takes a breather in its consolidation phase, attention is directed toward the broader market, where altcoins are poised for big action.
As of now, Bitcoin is trading at $40,803, experiencing daily losses of less than 1.91% and a weekly decline of over 3.4%.
