Popular cryptocurrency analyst Michael van de Poppe has observed a significant bullish signal for altcoins and emphasized that it is critical for Bitcoin to stay above $56,000. Van de Poppe predicted that the market will recover starting in September.
Michael van de Poppe has spotted strong bullish signals on the TOTAL3 chart, which shows the performance of altcoins against Bitcoin (BTC). The TOTAL3 chart tracks the market cap of all cryptocurrencies except Bitcoin, Ethereum (ETH), and stablecoins. Van de Poppe noted that the significant signals on this chart suggest that altcoins are preparing for a major breakout.
The analyst noted that a bullish divergence is observed on the TOTAL3/BTC chart on the daily timeframe, along with the Relative Strength Index (RSI). This is seen when the price is making lower lows while indicators are showing higher lows, and it usually indicates that the price may rise.
Based on past market trends, Van de Poppe expects the cryptocurrency market to outperform in general in the coming months. “After the declines in the markets in recent weeks, we will re-enter the best period of the cycle for Bitcoin and altcoins starting in September. The price of Bitcoin has slowly started to move upwards,” the analyst said.
Critical $56,000 Level for Bitcoin
Referring to Bitcoin’s recent market correction, Van de Poppe emphasized that the largest cryptocurrency needs to stay above the $56,000 level in order to continue its upward trend in the 12-hour time frame. “Bitcoin is still stuck. Positive Consumer Price Index (CPI) data came, but at that time the US was moving Bitcoin. This can usually cause markets to fall for a short time. We are currently seeing a consolidation process. As long as Bitcoin stays above $56,000-$57,000, everything is fine,” he said.
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