The recent days have seen a sheer decline in the market outlook of altcoins. In this respect, Michaël van de Poppe (a famous market onlooker) has predicted huge price rises despite the currently turbulent altcoin environment. He mentioned that the Bitcoin valuations of the altcoins are touching exclusive lows. The crypto expert disclosed the exclusive developments of the market on its official account on X.
This chart explains it all. The #Altcoin sentiment is terrible currently, as the BTC valuations of all the altcoins are reaching new lows.The last time this happened:$SOL went +500%$FET went +650%$RNDR went +300%This time, altcoins are likely to do the same. pic.twitter.com/KYpzPqwDKV
— Michaël van de Poppe (@CryptoMichNL) June 22, 2024
Altcoins Sector Shows a Bearish Sentiment with Valuations Reaching Exclusive Lows
As per the analyst, the overall sentiment of the altcoins in the crypto market is currently miserable. Throughout some of the previous weeks, this trend has continued, raising the eyebrows of the market members. This choppy market period has led to questions concerning the potential causes behind the development.
The price of the chief cryptocurrency *BTC* recently saw a dip to its lowest level in 4 weeks. Hence, following a 7.5% decline, the crypto token is presently hovering around nearly $65,100. Subsequently, the wider market has gone through significant volatility. The respective phenomenon indicates the reflation of BTC’s movements in the altcoin sector. In this respect, the overall crypto sector is interconnected with strong bonds between Bitcoin and altcoins.
The Analyst Predicts Substantial Price Jumps Based on the Historical Data
The data also reveals that the market capitalization of the entire crypto industry has also plunged by almost a 2-digit figure. According to Michaël van de Poppe, the present condition of the crypto market is much more severe. However, keeping in view this scenario, he highlighted the historical statistics. Formerly, when this took place, $SOL reportedly saw a +500% increase, with $FET and $RNDR securing +650%, and a +300% spike. Hence, the analyst predicted the same for the altcoin sector at the present moment.