Widely followed trader Michaël van de Poppe says altcoins are in a position to witness massive rallies in the coming months.
The analyst tells his 707,500 followers on the social media platform X that the TOTAL3 chart, which traders use to track the performance of the altcoin market, witnessed an over 16% devaluation during the most recent correction.
Van de Poppe says the pullback is part and parcel of a strong uptrend.
“Very healthy correction on the altcoin market capitalization, likely to be breaking upwards to the highs in the upcoming months, while Bitcoin consolidates.”
The trader says he believes the lows are in for many coins and that he’s seeing “a lot of strength on the altcoin market.”
“Looking at the weekly candles across the markets, it seems like we’re relatively bottoming out for most of the altcoins.”
Van de Poppe previously predicted that the total market cap for altcoins would hit a valuation of nearly $1 trillion.
At time of writing, TOTAL3 is trading for $751.125 billion.
As for Bitcoin (BTC), the trader lays out a scenario where the crypto king rallies to its all-time high at around $73,000 before the April halving, when miners’ rewards are cut in half.
“Bitcoin continuing the pace.
Dips are there to be bought…
If $68,000 continues to hold, we’ll sweep the highs at the all-time high pre-halving. Still expecting a peak to be happening.”
At time of writing, Bitcoin is trading for $70,242, up over 5% in the last 24 hours.
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