Cryptocurrency expert Michaël van de Poppe believes that the altcoin market will soon reach its cycle low. To reach new highs, Bitcoin needs to break through the resistance of $29,200 and reach the $30,000 mark. If Bitcoin destroys this barrier, the asset’s confidence will increase and altcoins should experience a short-term correction before they start rallying again.

The top analyst points out that Bitcoin reached the entry spot of $26,800, however, it isn’t strong enough to create a trend reversal yet. Currently, BTC trades for around $27,150, down 3.5% in the last 24 hours. Van de Poppe emphasizes that in order to kick off the Altcoin rally, a higher Bitcoin price is necessary.

Van de Poppe suggests his 163,000 YouTube subscribers that now is a good time to start accumulating positions in Altcoins as these digital assets are getting so undervalued relative to Bitcoin’s price. He explains that when Bitcoin reaches a new all-time high, the altcoins should follow in the near future if Bitcoin continues to stay around $30,000.

The crypto analyst explains that once the altcoins hit their cycle low, the market should experience a double-bottom reversal pattern, after which traders can start selling their positions in 1-2 years. Van de Poppe believes that once Bitcoin reaches its next peak, the altcoin market will have done the same and even higher.



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