Popular analyst Michael van de Poppe on Monday said altcoins are showing upside momentum as a reversal is just around the corner. Bitcoin fell 16% and Ethereum dropped 12% in August, prepping for a bottom and reversal. Meanwhile, Bitcoin dominance pattern repeats in line with previous cycles before the Bitcoin halving.
Michael van de Poppe on September 4 said “Altcoins are ready to reverse, while nobody expects it.” The bullish narrative came amid the September FUD. He earlier reported that the last time Bitcoin had a green September month was in 2016 and expects BTC price to fall this September.
He asserts that altcoins are showing upside momentum, with breakouts happening across the crypto market. His analysis came amid bearish sentiment in the market and as most altcoins are in red in the last week.
In recent months, the markets have been moving sideways, creating boredom for traders and whales. While the overall sentiment is still that the markets are continuing to fall, he expects a recovery soon.
On the other hand, Bitcoin dominance has dropped significantly since the test of the 200-EMA. He shared a chart showing that Bitcoin dominance is in line with the previous cycles. Thus, the historical pattern hints at an upcoming rally in altcoins.
“That means that, as we’re again 8-10 months before the halving of Bitcoin, we can expect to see a surge on altcoins, rather than a downwards moving markets.”
He predicts Bitcoin price to continue falling in September and altcoins will also fall, but a similar buying like previous correction will happen. The BTC pairs of altcoins are rebounding, a sign of strength. If that continues, altcoins will witness breakouts.
Read More: Ethereum Soars In Unique Addresses After SEC Hints At Ether ETF Approval
Michael van de Poppe also predicts ETH/BTC has bottomed and a possible reversal in price will follow. Ethereum typically has upside momentum between 252 days prior to a Bitcoin halving. The SEC is most likely to approve Ethereum ETF futures, which will confirm a massive bullish sentiment. “The bull market always start when nobody expects it and, this might be the period,” he said.
ETH price currently trades at $1633, moving sideways in the last 24 hours. The 24-hour low and high are $1626 and $1645, respectively. Furthermore, the trading volume has increased 25% in the past 24 hours, indicating an interest among traders.
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