Michael van de Poppe predicts a jump in the altcoin market in 2024

Michael van de Poppe, the founder of Eight investment company, has published a new message on the X platform. The crypto trader analyzed the altcoin market and stated that their total market capitalization is «finally moving beyond the 500-plus day range.»

De Poppe identified the relevant support and resistance zones for digital coins. According to the expert, «a retest was conducted, which revealed sufficient support.» The analyst is confident that this means that the market capitalization of altcoins will at least double in the first quarter of 2024.

Recently, the cryptocurrency analyst predicted that bitcoin BTC $58,203.50 Bitcoin -2.61% Market capitalization $1.15 trillion VOL. 24 hours $3.04 billion would grow to $ 52,000. De Poppe believes that bitcoin will consolidate between a low of $ 38,000 and a high of $ 48,000 for most of 2024 before surging to a new all-time high in 2025.

Although Van de Poppe has a bullish outlook for BTC in the coming months, the analyst believes that the main crypto asset will face a long period of consolidation after the halving, when the coin will trade in a wide range without setting new all-time highs.

At the time of writing, the main cryptocurrency is trading at $ 42,757 with a market capitalization of $ 837.2 billion. Traders made daily trading deals worth $ 24.3 billion. Bitcoin’s dominance in the market has dropped to 50.6%.

In general, the global capitalization of the digital asset industry lost almost 1% on Tuesday, December 26, to $ 1.65 trillion. Ethereum’s dominance was 16.2%, and the fear and greed index reached 73 points.