Michaël van de Poppe, a renowned cryptocurrency market analyst, recently shared his insights on Bitcoin and the overall crypto market.
Van de Poppe highlighted that the total market cap chart, excluding Bitcoin, is showing promising performance. He anticipates that the ongoing consolidation phase could pave the way for a potential upward bounce in the near future.
Discussing Bitcoin dominance, van de Poppe suggested that the dominance trend might have peaked. He pointed out that the approval of Ethereum ETFs could act as a catalyst for the momentum of altcoins, triggering a rotation in the market.
The analyst also noted a divergence favoring bears in BTC’s dominance chart and highlighted a decrease in the actual mining hash rate of the Bitcoin network. He drew parallels between the current miner activity and the capitulation seen during the FTX crash, indicating a potential decrease in mining activities.
Van de Poppe remains optimistic about the market, suggesting that a market recovery is imminent. He analyzed BTC’s weekly candlestick chart and indicated that the correction phase may have concluded.
It is important to note that this analysis is not intended as investment advice.
