- Crypto trader Michael van de Poppe believes that BTC’s dominance will decline next week.
- Poppe expects Bitcoin to witness a rally if it manages to soar past $29,800.
- As for altcoins, the trader is watching Chainlink (LINK), Dogecoin (DOGE), and Shiba Inu (SHIB).
Michael van de Poppe, a popular trader among crypto circles, believes that Bitcoin’s dominance in the crypto market will take a hit next month. The crypto trader’s projection was based on the technical analysis of Bitcoin’s daily chart, which revealed that BTC is consolidating at the moment.
According to van de Poppe, a rally in Bitcoin’s price is contingent on testing resistance areas and breaking past them. As of now, $29,800 has emerged as a key resistance area. BTC would have to soar past this level to gain momentum and deliver a bullish price action. He added that BTC had been making higher highs over the past few days, indicating an impending rally.
The crypto trader is confident that BTC will make at least one significant push before halving. The halving event is expected to take place in April next year when BTC’s block height reaches 840,000. The halving will bring down the mining block reward to 3.125 BTC but is expected to prompt a considerable increase in the flagship cryptocurrency’s price.
After analyzing the chart of the total crypto market capitalization, van de Poppe projected that as long as it remains over the $1 trillion mark, the momentum will be intact. However, if it pushes past $1.26 trillion, the total crypto market cap could reach as high as $2.2 trillion during the next bull run. The crypto trader added that this rally could take place before Bitcoin’s halving in April 2024.
As far as altcoins are concerned, van de Poppe’s technical analysis of Chainlink (LINK) indicated that the token could soar to $9 in the near future. The crypto trader also projected an impending rally in the price of Dogecoin (DOGE) and Shiba Inu (SHIB).
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