• 16 July, 2024
News

Bitcoin, Altcoins are in the Accumulation Zone Before 2024 Bull Run; Says Crypto Entrepreneur

Michaël van de Poppe, the founder, and CEO of the crypto investments community, MN Trading, has stated in a YouTube video that Bitcoin and altcoins are cheap buys now. In the latest altcoins update video, Michaël van de Poppe went on to state that altcoins are correcting quite massively, and the period could be compared to the 2019 market cycle.

Michaël van de Poppe took to Twitter to share his altcoins and BTC update by tweeting:

The video streamer went on to elaborate that in 2019, the crypto industry saw no price action, and low retail interest, but huge fundamental growth. He reasoned that the international racing company Formula 1 has adopted blockchain technology with NFT (Non-Fungible Token) tickets on Polygon, and the NFT-based online game Axie Infinity launched a lite version of its crypto game on Apple App Store.

Analyzing the market cap (MCAP) orders (MCO) dominance chart, Poppe explained that it included everything excluding the top 10 coins. He further detailed that the bottoming structure of the MCOs in the December 2015 price action period saw the bull market developing in July 2016. Then again in August of 2019, the MCO bottoming structure took place. He concluded that a pretty heavy correction ensued all the way through 18 months from January 2022, up until now.

The analyst proclaimed that while a continuous fall is still possible since the resistance is still not broken, the price could fall. The analyst suggested that this is the period to accumulate the altcoins positions as the industry is into a high timeframe support with a potential weekly bullish divergence.

The crypto analyst expressed optimism over the rising BTC adoption with progressive regulations developing; and noted that BTC is making moves. The BTC dominance chart showed resistance but the crypto YouTuber maintained that a 2% or more continuation rally is possible. He asserted that if BTC corrects, its dominance would fall; if it rallies, its dominance would rise a bit.

The analyst proclaimed that the crypto community is currently holding above the 200 Week Moving Average (WMA) again, which could lead to an expansion above $38,000, with resistance at $36,000. If BTC soars upwards, altcoins would follow suit; if BTC spikes, altcoins would underperform until BTC consolidates and corrects to make altcoins turn around.

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