A widely followed analyst believes that altcoins are about to explode while massively outperforming Bitcoin (BTC).
Crypto strategist Michaël van de Poppe tells his 786,000 followers on the social media platform X that he sees altcoins igniting a strong uptrend that could last for many weeks.
According to the analyst, the altcoin market cap versus Bitcoin (TOTAL3/BTC) chart is flashing a bullish divergence, indicating that alts are poised to steal the crypto king’s thunder.
TOTAL3 tracks the total market cap of crypto, excluding Bitcoin, Ethereum (ETH) and stablecoins. Meanwhile, a bullish divergence suggests that buying momentum is rising even though prices are moving lower or sideways.
Says Van de Poppe,
“The altcoin market capitalization against Bitcoin is still massively bullish.
The longest bullish divergence in history.”
Looking at Ethereum, the analyst believes that ETH has finally flipped bullish against Bitcoin (ETH/BTC), further supporting his stance that altcoins will dominate the crypto market.
“The bullish divergence on ETH from three weeks ago indicated a potential reversal.
The higher low was confirmed, and then, a massive breakout took place.
The trend switch is clear.
Now, this is a daily bullish divergence. On multiple altcoins, we see weekly divergences.
Good times.”
At time of writing, the ETH/BTC pair is trading at 0.0242 BTC worth $2,515.
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Featured Image: Shutterstock/Moksha Labs/Natalia Siiatovskaia
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