- Michael van de Poppe thinks the altcoin market will continue to rally in the coming months.
- According to Poppe, the coming rally will coincide with a consolidation in Bitcoin price.
- Altcoins’ total market cap (Total 3) has maintained a classic uptrend since October last year.
Renowned cryptocurrency analyst Michael van de Poppe thinks the altcoin market will continue to rally into the coming months despite a recent correction. In a recent post on X, Poppe noted the coming rally will coincide with a consolidation in Bitcoin price.
Poppe used a screenshot of the “Total 3” weekly chart on TradingView to explain his analysis. It is a chart containing data on the total market cap of all cryptocurrencies, excluding BTC and ETH. The shared data showed that Total 3 is on an uptrend and recently formed a swing-high of $788.9 billion.
Meanwhile, Poppe’s screenshot reflected a pullback in the metric that saw it attempt to print a first bearish weekly candle in the past seven weeks. The analyst remained bullish amid the dropping value and considered it a healthy development for the current uptrend.
Poppe’s analysis showed the uptrend, which started last October, has broken above multiple resistances. He highlighted $402.16 billion and $449.05 billion as the first two resistances that succumbed to the uptrend. He further noted $583.01 as a recent resistance the metric has converted to support.
From the presented chart, Poppe’s highlights showed he does not expect Total 3 to fall below the $583.01 region before continuing upward. He considers it a “healthy correction” on the altcoin market cap that would trigger the next phase of the altcoin season.
Data from TradingView shows Total 3 has rejected the pullback as of the time of writing. The attempted bearish weekly candle ended with a bullish pullback, with the chart showing early signs of an uptrend continuation.
Considering historical levels, Total 3’s next stop is projected at $840 billion, representing the next significant resistance. Climbing above that level will see the altcoin market cap head for a new all-time high (ATH) to surpass the existing ATH at $1.131 trillion, according to data from TradingView.
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