- Bitcoin price is expected to consolidate between $38k and $49k before the upcoming halving, which will inevitably give rise to the altseason amid the ongoing crypto cash rotation.
- Popular crypto analyst Michaël van de Poppe is confident the altcoin market cap is well positioned to double in the coming weeks led by Chainlink (LINK) due to its high adoption rate.
The crypto market is preparing for the ultimate parabolic bull rally after the majority of the 2022/2023 bear market incidents – including bankruptcy and lawsuits – get finalized in several jurisdictions. The latest weekly report by CoinShares shows that digital assets investment products recorded huge inflows of about $708 million as more institutional investors continue to bet on the inevitable crypto rise.
Furthermore, most of the global central banks are struggling with unsustainable monetary policies and high debt led by the United States Federal Reserve that recently surpassed $34 trillion. Additionally, the recent approval of spot Bitcoin ETFs in the United States amid the upcoming Bitcoin halving has significantly improved the crypto dynamics around the world.
Michaël van de Poppe on Inevitable Altcoin Surge
According to a popular crypto analyst based in the Netherlands, Michaël van de Poppe, the altcoin market is on the cusp of a major uproar in the coming months fueled by heightened speculation. Notably, the crypto analyst based the bullish thesis on the altcoin market cap, excluding Ethereum, on the successful rebound from the bear market bottom, followed by a bullish breakout on a major resistance range between $402 billion and $449 billion. As a result, the crypto analyst expects the altcoin’s market cap to easily reach $850 billion in the near term.
#Altcoins are ready to have their next push and could possibly go 2x in the next months.
Crucial areas holding, through which a higher low is established and the next push could start. pic.twitter.com/hKIG4s7w9o
— Michaël van de Poppe (@CryptoMichNL) February 3, 2024
Notably, Poppe expects the altcoin market to significantly benefit from the ongoing crypto cash rotation from Bitcoin and Ethereum. Consequently, the crypto analyst is confident that Bitcoin price will consolidate between $38k and $49k before the upcoming halving, after which the bullish outlook will continue.
My general theory is that #Bitcoin is consolidating in the coming months.
Pre-Halving a final run towards resistance at $48-50K, after that another correction to $36-38K and from there #Altcoins to continue outperforming Bitcoin. pic.twitter.com/sYiqpg3T93
— Michaël van de Poppe (@CryptoMichNL) February 3, 2024
Why Chainlink Will Lead the Upcoming Altseason
The rise of Chainlink (LINK) to a major altcoin project in the blockchain industry can be traced back to the notable rise in demand for multichain smart contract-enabled web3 projects. Furthermore, the Chainlink network offers decentralized and real-time data oracles to smart contract developers from different blockchains, thus obtaining a sustainable business model. As a result, it is safe to assume that the mass adoption of LINK tokens is happening at a faster rate than most of the altcoins available in the market.
With the Chainlink development team busy ensuring the Cross-Chain Interoperability Protocol (CCIP) is available to all developers, Poppe is confident the LINK bullish sentiments will continue to rise in the near term.
Notably, Chainlink’s bullish sentiment is bolstered by the high demand from whale traders, whereby a mysterious whale thought to be an institutional investor purchased more than 2.3 million LINK tokens worth $42 million in the past two days.
Nevertheless, LINK’s price faces a significant resistance range between $19.40 and $20.03, where more than 5.3k holders bought over 8.59 million LINK tokens. A successful breakout on this resistance level will comfortably yield a rally towards $30 in the coming weeks. Furthermore, LINK price has rallied over 23 percent in the past seven days to trade at $18.67.
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