A widely followed crypto strategist is predicting an incoming rally for altcoin markets, which he believes will likely be triggered by a Bitcoin (BTC) breakout.
Analyst Michaël van de Poppe tells his 655,900 Twitter followers that he is closely watching the OTHERS.D chart, which tracks how much of the total crypto market capitalization belongs to large-cap altcoins.
Van de Poppe sees OTHERS.D falling any time soon, as he thinks Bitcoin will likely pull out $30,000 first before altcoins can join the rallies.
“Altcoin time is almost here.
Bitcoin is getting shorted, it will most likely break soon.
Breakout of $30,000 and ETH/BTC bounce from 0.059 (BTC worth $1,661) and altcoins may get relief.
Patience.”
Looking at Van de Poppe’s chart, it seems to mark 8.66% and 7.02% as potential bounce areas for OTHERS.D. At the time of writing, OTHERS.D is hovering around 8.91%.
As for Ethereum, Van de Poppe believes that ETH is showing a bullish sign as it continues to print higher lows. According to the analyst, an Ethereum breakout will likely result in a rapid price acceleration.
“If we break away, it’s a quick breakout and then we can start moving towards resistance. If we break this level here ($2,150), it’s an expansion to $2,700 to $2,800…
First, Bitcoin will move substantially, and then if Bitcoin is ready, Ethereum will just follow and then the other big companies will follow too.”
At the time of writing, Ethereum is trading at $1,867.
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Featured Image: Shutterstock/Natalia Siiatovskaia/Brita Seifert
