A closely watched cryptocurrency strategist is predicting an imminent rally in the altcoin market, which he believes could be sparked by a bitcoin breakout.
Analyst Michaël van de Poppe said he was paying close attention to the OTHERS.D chart, which tracks the total market capitalization of cryptocurrencies belonging to large altcoins.
He sees OTHERS.D as short-lived, as Mr. Bitcoin could regain $30,000 before altcoins join the rally.
“The era of altcoins is approaching.
Bitcoin is volatile and will likely explode again soon.
Altcoins may find relief as ETH/BTC rebounds from 0.059 ($1,661) above $30,000.
Please wait. “
Looking at the chart, Van de Poppe appears to be marking 8.66% and 7.02% as potential exit areas for OTHERS.D. As of this writing, OTHERS.D is hovering at 8.91%.
As for Ethereum, Van de Poppe believes that ETH is giving a bullish signal as it continues to make higher lows. According to analysts, Ethereum’s breakout could trigger a rapid price increase.
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According to USA Today