Michaël van de Poppe, a renowned crypto expert has revealed that the anticipated Bitcoin breakout may indicate an anticipated rally for the altcoin markets.
Van de Poppe made this disclosure via his official Twitter account with over 656,000 followers. Going further, he also revealed that he is keeping close tabs on the OTHERS.D (Others Dominance) chart to enable him to monitor the amount of the total market cap of crypto belonging to altcoins.
From all indications, Michaël seems convinced about the prospects of a short-term fall in value for OTHERS.D. At the same time, he is also particular about the likelihood of Bitcoin taking out a potential $30,000 before altcoins can partake in the rallies.
Van De Poppe wrote, “The time for altcoins is almost there. Bitcoin is chopping around, most likely breaking back up soon enough. $30,000 break and ETH/BTC bounce from 0.059 (BTC worth $1,661), and altcoins can have relief. Patience.”
$30K break and $ETH/BTC bounce from 0.059 and altcoins can have relief.
— Michaël van de Poppe (@CryptoMichNL) May 6, 2023
Analyzing Van De Poppe’s released chart, the analyst pinpointed 8.66% and 7.02% as possible bounce areas for the OTHERS.D. Meanwhile, according to the data gathered from Tradingview, OTHERS.D is revolving around 8.94% and is down by 1.73%.
Speaking about what an Ethereum breakout means, Van de Poppe is confident that Ethereum constant prints of higher lows may hint at a bullish signal that will culminate in a boost in Ethereum price.
The analyst stated, “If we break up, it is a fast break up, and then we can start moving towards the resistance. If we break this level here ($2,150), it is an expansion towards $2,700 to $2,800…
“First Bitcoin is going to move substantially, and then if Bitcoin is done, Ethereum will just follow through, and then also the other majors are going to follow through.”