- TOTAL3 Chart Indicates Strong Bullish Signals for Altcoins
- 56,000 Dollar Level is Critical for Bitcoin’s Rise
- Overall Cryptocurrency Market Forecast
Popular crypto analyst Michael van de Poppe has drawn attention to strong bullish signals in the chart featuring many altcoins against Bitcoin, the largest cryptocurrency by market value. Van de Poppe claimed that the TOTAL3 chart is preparing for a breakout against Bitcoin.
TOTAL3 Chart Indicates Strong Bullish Signals for Altcoins
The TOTAL3 chart tracks the market value of all cryptocurrencies except Bitcoin, Ethereum (ETH), and stablecoins. Van de Poppe mentioned that a significant signal observed in this chart indicates that altcoins are ready for a major breakout. The analyst noted a bullish divergence with the Relative Strength Index (RSI) on the daily timeframe of the TOTAL3/BTC chart. This type of bullish divergence occurs when the price makes lower lows while the indicators show higher lows, typically signaling that the price is about to start rising.
56,000 Dollar Level is Critical for Bitcoin’s Rise
The analyst also touched on Bitcoin’s recent market correction, emphasizing that the largest cryptocurrency needs to hold above the 56,000 dollar level on the 12-hour timeframe to maintain its upward trend. Van de Poppe stated, “Bitcoin is still stuck. Positive Consumer Price Index (CPI) data came in, but at that time, the US was moving Bitcoin. This usually causes the markets to drop temporarily. We are currently seeing a consolidation process. As long as Bitcoin stays above 56,000 – 57,000 dollars, everything is fine.”
Overall Cryptocurrency Market Forecast
Additionally, the analyst expressed his belief that the cryptocurrency market as a whole will perform better in the coming months based on past market trends. Van de Poppe stated, “The markets are experiencing the pain of recent weeks. From September onwards, we will re-enter the best period of the cycle for Bitcoin and altcoins. Bitcoin’s price has started to gradually move upwards.”
In conclusion, Michael van de Poppe expects a significant surge in altcoins against Bitcoin if key levels are maintained. According to the analyst, the cryptocurrency market will show a tendency towards recovery in the coming months.
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