Crypto analyst Michaël van de Poppe reported a significant bullish divergence on the TOTAL3/BTC chart, indicating potential growth for altcoins in the near term.
Analysis of Bullish Divergence
Michaël van de Poppe pointed to a bullish divergence on the TOTAL3/BTC chart, which tracks the performance of all altcoins excluding Bitcoin and Ethereum. This setup could signal a strong rebound for the altcoin market.
Prospects for Altcoin Growth
According to van de Poppe, the initial target for altcoins may return to the highs seen in April and May this year, suggesting potential 2x moves for many altcoins depending on market conditions.
Overall Market Conditions
Despite the optimism sparked by van de Poppe's analysis, broader market conditions remain fragile. Bitcoin's recent sideways performance and macroeconomic uncertainty may still weigh on risk appetite.
Michaël van de Poppe's analysis emphasizes potential opportunities for altcoin growth, yet traders should take into account overall market conditions for more accurate predictions.
