A widely followed crypto analyst says altcoins are ready for the next big leg up while predicting a huge rally for one Chainlink (LINK) competitor.
In a new thread, crypto strategist Michaël van de Poppe tells his 692,000 followers on the social media platform X that altcoins could double up in the coming months.
Van de Poppe says the TOTAL3 chart, which tracks the total market cap of all crypto excluding Bitcoin (BTC) and Ethereum (ETH), appears to have printed a bullish higher low setup at around $450 billion.
“Altcoins are ready to have their next push and could possibly go 2x in the next months. Crucial areas holding, through which a higher low is established and the next push could start.”
At time of writing, TOTAL3 is trading at $481 billion.
Van de Poppe goes on to say that he believes Bitcoin will rally to the $48,000 to $50,000 level before its April halving when BTC miners’ rewards are cut in half.
After the rally, the analyst predicts that Bitcoin will witness a correction down to $38,000, which he notes will give altcoins the room to make a new run to the upside.
“My general theory is that Bitcoin is consolidating in the coming months. Pre-halving a final run towards resistance at $48,000-50,000, after that another correction to $36,000-38,000 and from there altcoins to continue outperforming Bitcoin.”
Bitcoin is trading for $42,686 at time of writing.
Concluding his analysis with Chainlink rival API3 (API3), Van de Poppe says that the decentralized oracle provider is “waking up” and heading toward a price tag of between $4.60 and $4.80 as long as it can maintain its support around $2.50.
“Oracles are starting to fire up, as PYTH and LINK have been showing a tremendous amount of momentum. API3 is also waking up, as we can see with the recent push. As long as it stays above $2.50, I think a rally to $4.60-$4.80 is possible.”
API3 is trading for $3.14 at time of writing.
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The post Trader Says Altcoins Ready To Witness Next Push to the Upside, Predicts Rallies for Chainlink Challenger appeared first on The Daily Hodl.
