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Analyst Cites Favorable Market Trends That Could See Bitcoin Touch $300,000 This Cycle

Amid the renewed strength recently displayed by Bitcoin, Michael Van De Poppe, a recognized cryptocurrency analyst and trader has offered an intriguing prediction for BTC, highlighting that the crypto asset is likely to reach the $300,000 threshold in this bull cycle.

Bitcoin Price Targetted At Unprecedented Heights This Cycle

Over the past month, the price of Bitcoin has been consolidating and hasn’t been able to sustain its rise beyond its new peak of $73,000. However, things could soon be changing, as Michael Van De Poppe expects the coin to surge immensely in the short term.

His forecast coincides with anticipation around the upcoming Bitcoin Halving expected to take place in less than 12 days, fueling optimism within the crypto community.

According to the expert, the largest cryptocurrency asset by market cap is still experiencing significant resistance. Nonetheless, if Bitcoin manages to break out of this zone, the coin could witness a progression towards new all-time highs in the coming months.

Bitcoin

Given that BTC achieved the $70,000 price level ahead of the halving event, Poppe believes that it is likely to surge to unprecedented levels, particularly topping out at $300,000 in this bull run.

The post read:

Bitcoin still facing crucial resistance. If this breaks, then we will be seeing a continuation towards new all-time highs. Bitcoin at $70,000 pre-halving. Likely $300,000 this cycle.

Poppe underscored that the price of Bitcoin returned to $70,000 level over the weekend. As a result, he has pointed out bullish indicators that are presently occurring in the crypto landscape.

The analyst also noted that the strength of the cryptocurrency markets has now exceeded our perceptions, and dips in altcoins represent opportunities for good entries. In addition, BTC’s price action demonstrates the potential to reach a new all-time high pre-halving, and the shift in favor of altcoins is on the horizon.

Altcoin Season Set To Kick Off In Weeks

Poppe is super bullish toward an ‘altcoin season’. However, it is important to note that altcoins’ value has frequently coincided with shifts in Bitcoin’s supremacy. But even though Bitcoin’s dominance is still at its peak prior to the halving, Poppe thinks these coins still have a lot of momentum.

He advocates that a new altcoin season will undoubtedly begin in the upcoming weeks. “We always have one, we have seen Meme coins, Solana (SOL) ecosystem, and AI,” he stated.

The expert’s statement suggests that the Solana ecosystem, AI projects, and meme coins in recent months have led the altcoin market. Thus, Michael Van De Poppe has contended that in the impending alt season, crypto initiatives that prioritize the tokenization of Real-World Assets (RWA), the Ethereum (ETH) ecosystem, and the Decentralized Physical Infrastructure Network (DePIN) are likely to be next, paving the way for alts this cycle.

At the time of writing, the altcoin’s overall market excluding Bitcoin and Ethereum was valued at $753.47 billion. This indicates a 2% increase in the market cap in the past 24 hours.

Bitcoin

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The Year Of Alt Season: Altcoins Dominate Market In 2021

Bitcoin has had a favorable year in 2021 but the altcoins have dominated the market. The advent of the alt seasons this year had seen multiple altcoins rally towards new highs even when market-mover bitcoin had remained stagnant at times. This move, coupled with the growth and adoption that rocked the crypto space this year, has proven that the altcoins dominated the market on a large scale.

Altcoins Rule 2021

So many new things came out of the altcoin industry this year and have found success at the same time. Basically, the year 2021 has been one long alt season when we look at the performance of some of these assets.

Related Reading | The Year In Review: An Emotional Rollercoaster For Crypto Investors

A lot of this growth has been driven by decentralized finance (DeFi), NFTs, and most recently, the metaverse gaining popularity among investors. These have brought to the forefront some interesting projects that have had their tokens rally because of it. Most of the time, they followed the growth of bitcoin. While at other times, these assets broke free and rallied on their own accord.

Altcoins market cap at $1.32 trillion | Source: Altcoins Total Market Cap on TradingView.com

This has led to bitcoin losing a significant portion of its market dominance to altcoins. Starting the year out at about 75% of total market dominance, it has now fallen to 38% where altcoins have continuously eaten into the pioneer cryptocurrency’s market share. Ethereum was, as always, leading this charge as it took the largest chunk of the market share.

Memecoins also found favor in the market this year. Coins like Dogecoin and Shiba Inu grew into the thousand and million percentile, as well as “ETH killers” also making a play in the market.

Mid-Caps Take The Lead

Altcoins always showed out in the indexes with triple-digit gains for the year. Bitcoin which had a tremendous run of it this year still recorded the lowest gains being the only index that returned double-digit gains. All other indexes, the small, mid, and large cap indexes enjoyed the majority of the gains.

Related Reading | Bullish Signal? Ethereum Market Dominance Sitting Above 20%

Bitcoin’s returns for the year only came out to 73%. While this is still vastly ahead of top investment vehicles like gold, the S&P, and NASDAQ, it still performed poorly in comparison to the other indexes.

Mid Cap Index records highest returns of 2021 | Source: Arcane Research

The Large Cap Index saw the second-lowest returns with 179%, but even it saw returns over 100% higher than that of bitcoin. The Small Cap Index made a splash with returns reaching as high as 485% for the year.

Finally, the Mid Cap Index came out as the winner for 2021 marking returns of 830%. This index consists mostly of Layer 1 tokens which had seen some of the most gains for the year, outperforming even ethereum despite its massive 485% returns for the year.

Featured image from Investment U, charts from Arcane Research and TradingView.com

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Dogecoin Is Cementing Alt Season, Here’s How

Since its debut in 2013, Dogecoin has continued to grow as the poster child of altcoins. As it gained popularity, it quickly became synonymous with wild price pumps because of its small value and concentrated holdings.

According to Coin Metrics, the price of Dogecoin increased by approximately 40% on Tuesday. After bitcoin, Ethereum, and Binance Coin, Dogecoin now has a market cap of $69 billion, rendering it the fourth-largest cryptocurrency.

Indicator For Alt Season

The unprecedented rise in the price of the coin has caused some investors and analysts to say that the short-term rallies are strong indicators of the alt Season.

However, this is most likely correct. After all, Dogecoin is a meme-based cryptocurrency. Over the last few years, there has been little development operation, and few of its users run a complete node. There have been 16 weekly performances higher than 30% and six of those presented 100% or higher gains.

Dogecoin historical pumps since 2017. Source: TradingView

Looking at the chart, the price increase of the coin is the norm. At the end of April, Tesla CEO Elon Musk tweeted: “The Dogefather SNL May 8,” referencing both the coin and his upcoming appearance hosting “Saturday Night Live.” Musk has said that his tweets about dogecoin are meant to be jokes.

At the same time, Mark Cuban, owner of the Dallas Mavericks basketball team, also made several posts in support of dogecoin.

“As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank,” Cuban said in a May 2 tweet. “If interest rates skyrocket or the amount spent falls or stagnates, so will Doge. Yes, a joke is now legit.”

Related article | Dogecoin Proving The Haters Wrong as Market Cap Now Exceeds Twitter

The top 693 addresses already control 79.2 percent of all DOGE in circulation. Elon Musk has been vocal in his criticism of this astounding figure. It’s worth noting that the most recent price spikes have been specifically attributed to Musk’s Dogecoin-related memes and tweets.

To argue that Dogecoin is an indicator of altcoin season, proof of such pumps must exist prior to the broader market’s positive results.

July 2020 total altcoin market cap vs. Dogecoin, USD. Source: TradingView

DOGE gained 73 percent in less than 36 hours on July 7, 2020. Although the impact only lasted three days, altcoins began to appreciate in value a few weeks later. The market capitalization of altcoins increased by 24% in just ten days, from $105 billion to $130 billion.

Early 2021 total altcoin market cap vs. Dogecoin, USD. Source: TradingView

In early-2021 incredible, an additional 182% DOGE pump that took place over the course of two days did signal an altseason. Some 36 hours later, the altcoin market cap initiated a 50% rally, boosting it to $340 billion. What was incredible about the first quarter was that on January 18, as the meme-coin hiked over 1,000%. Three days later, the altcoin market cap started a 60% rally to $560 billion.

Before concluding that the meme-driven coin is essentially a strong predictor for alt season, it’s worth noting that such results should be compared to those of other big altcoins. If Dogecoin lives up to its reputation amid a barrage of supportive press, the latest $0.61 all-time high is a sign of altcoin momentum to come.

Related article | Dogecoin (DOGE) Beats Bitcoin, Why It Could Test $0.5

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How Bitcoin Dominance Bullish Engulfing Could Signal An End To Altcoin Season

Bitcoin price is diving currently, shaking up the crypto market as a whole. In addition to the correction in the top cryptocurrency by market cap, altcoins have taken an even more severe beating.

With top alts like Ethereum and Litecoin are seeing an even further drop on BTC trading pairs, Bitcoin dominance has formed a bullish engulfing candle just as a key technical indicator reach overheated status. Here’s how that could put an abrupt end to the ongoing altcoin season.

Bitcoin Price Drop Causes Altcoins To Flop

Bitcoin is the first ever cryptocurrency that an entire industry was built from since, and anything that isn’t BTC is considered an altcoin. Ethereum is currently the king of that camp, and is outpacing Bitcoin in performance since its inception.

But due to first move advantage and just how dominant Bitcoin is, it represents more than 50% of the entire crypto market cap. The BTC dominance metric was created to measure the rest of the crypto market and its weight compared to all altcoins.

Related Reading | Following Bitcoin “Reset,” It’s “Off To The Races Again”

BTC dominance has dropped by 18% since end of 2020 highs, leaving a red streak behind. However, during today’s crypto market bloodbath, the metric began to make a comeback and has formed a bullish engulfing candle.

A bullish engulfing candle is a type of Japanese candlestick formation, that typically suggests a short term reversal is in the coming. It forms when after a sharp bearish move, sellers are overwhelmed by a sudden surge in bullish buying. It is then up to bulls to continue the reversal.

bitcoin dominance btc.d reversal bullish engulfing

A bullish engulfing appears as daily RSI reached oversold conditions | Source: CRYPTOCAP-BTC.D on TradingView.com

BTC Dominance Reversal Could Put An End To Alt Season

Coinciding with the bullish engulfing candle pictured above, the daily Relative Strength Index fell sharply into oversold territory. If a reversal plays out in BTC dominance, whatever altcoin season that’s been going on recently, will be over.

Adding more credence to the theory of further reversal in the relationship between Bitcoin and altcoins, on weekly timeframes a hidden bullish divergence has formed, just as BTC.D touches down at the bottom Bollinger Band.

Bitcoin dominance hidden bull div

A bull div on the RSI has formed as dominance falls to Bollinger Band support | Source: CRYPTOCAP-BTC.D on TradingView.com

Divergences occur when price action moves opposite a technical indicator – in this case the Relative Strength Index again on weekly timeframes. Although daily has fallen into completely oversold levels, weekly either has more to go, or buyers are secretly showing up ready to stage a reversal.

Counter Point | Why Bitcoin Dominance Is No Longer Relevant To Crypto

If bulls can begin the comeback starting with a bullish engulfing today, and close out next week with a powerfully bullish move, a morning star doji pattern will be left on weekly charts, adding yet another signal that an extended reversal could result.

Any reversal in BTC.D, could either have Bitcoin leaving alts in its dust, or the coins crash far further than the top cryptocurrency does on its way back down. All that’s left to do, is wait and see.

Featured image from Deposit Photos, Charts from TradingView.com
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How One Ethereum Could Soon Be Worth Half A Bitcoin

Ethereum just cleanly broke above $2,000 for the first time ever, and the altcoin has been soaring since. The milestone has revived talk about an altcoin season and even a “flippening” of Bitcoin itself.

And while that’s unlikely to happen, technical analysis of the ETHBTC pair could suggest that one full Ethereum will soon be worth nearly half a full Bitcoin. Here’s a closer look at the bottoming pattern on the trading pair that could spark the first true altcoin season since 2018.

Face That Facts: Ethereum Riding DeFi High, More Bullish Than Bitcoin

The cryptocurrency market has matured over the last several years. Bitcoin is now being widely adopted by institutions as a hedge against inflation. Ethereum, once the playground for ICOs and fly by night altcoins, has now become a hotbed for value, generated from various DeFi projects, NFTs, stablecoins, and more.

As well as Bitcoin is doing, it is Ethereum that is blossoming into an enormous ecosystem, and things are only going to be better when scalability is finally addressed properly.

Related Reading | Ethereum Bullish Retest Offers “Once-In-A-Lifetime Opportunity”

Rising fees have been a costly side effect of the DeFi explosion, but is also a sign that Ethereum is the place on the blockchain that everyone wants to be. To get in, you’ve got to pay the price of popularity.

The demand for ETH gas required for each and every transaction has helped the altcoin outperform even Bitcoin. But according to technicals, one full ETH could be worth around half a BTC, and then some.

ethereum bitcoin ethbtc adam and eve

Breaking above resistance could cause fireworks on the altcoin/BTC ratio | Source: ETHBTC on TradingView.com

How Adam And Eve Could Birth An Altcoin Season

The chart above of the ETHBTC trading pair shows a massive Adam and Eve double bottom structure. Based on the measure rule, the target of the sizable pattern would result in a move to the 0.7 range on the ratio.

That means, that each Ether token would be worth roughy 70% of a full BTC. At current Bitcoin pricing, that would send Ethereum to $42,000 per ETH.

Related Reading | Before And After: The Ethereum Fractal You Have Got To See

A more likely scenario, is that due to how crowded Bitcoin is for a trade right now, the top cryptocurrency sees a strong correction, while Ether prices continue to dominate for the time being.

ethereum bitcoin ethbtc head and shouldersThe same applied measure rule would take ETH to the neckline of the "Eve" | Source: ETHBTC on TradingView.com

For those skeptical about the validity of such a claim, the above chart displaying the measure rule target of a head and shoulders pattern almost perfectly lines up with current all-time high resistance on the ratio.

The pattern confirming, would take Ethereum to the neckline of the larger Adam and Eve structure on the Bitcoin pair. A further breakout there, could result in enough upside momentum for Ethereum to achieve halfway status to Bitcoin at the very least.

A breakout of the neckline should also solidify the chances of a greater crypto market altcoin season.

Featured image from Deposit Photos, Charts from TradingView.com