Altcoin Market Awaits Breakout: Is It Right Time To Buy Altcoins?

The post Altcoin Market Awaits Breakout: Is It Right Time To Buy Altcoins? appeared first on Coinpedia Fintech News

In recent weeks, the altcoin market has struggled to capitalize on Bitcoin’s shortcomings, leaving many investors disappointed. However, amidst this trend, a few outliers have emerged, with Shiba Inu (SHIB) notably rallying over 20% in the first week of August. The much-anticipated Litecoin halving, though hyped, resulted in an 11% correction, dampening the spirits of bullish traders. While many altcoins have been consolidating horizontally, uncertainty looms in the short term.

Despite this apparent stagnation, there is a beacon of hope from an influential figure in the crypto realm. Michaël van de Poppe, a prominent crypto analyst and influencer hailing from Amsterdam, Netherlands, has maintained an optimistic outlook for the altcoin market.

In a recent YouTube video, Poppe shared his conviction that the long-standing consolidation phase is paving the way for an impending surprise rally.

 Why Accumulate Altcoins Now?

Poppe’s assessment hinges on the idea that the current market conditions, which have left many traders frustrated and disheartened, are merely a prelude to a significant upturn. He envisions a potential surge that could propel the overall crypto market cap to around $1.75 trillion, homing in on a crucial supply and demand zone.

The crux of Poppe’s argument rests on the anticipation that altcoins will spearhead this rally, asserting their dominance while Bitcoin’s hold wavers in the short term. A notable observation is the weakening grip of Bitcoin’s dominance on the weekly timeframe, approaching a pivotal resistance level according to historical data. This development raises the possibility of Bitcoin undergoing a direct price capitulation.

An intriguing catalyst fueling this anticipated turnaround is the growing interest of institutional investors, particularly spearheaded by heavyweight player BlackRock. These entities are increasingly immersing themselves in the crypto market, a move driven by the need to counter escalating global inflation amid rising interest rates.