A widely followed crypto analyst believes that Bitcoin (BTC) could rise by triple digits before the cycle ends.
Crypto trader Michaël van de Poppe tells According to its 724,700 followers on social media platform
“Bitcoin’s current valuation is still super low. I wouldn’t be surprised if this cycle is $300,000-$600,000.”
Bitcoin is trading at $60,588 at the time of writing, up more than 4% in the past 24 hours.
The analyst too say that TOTAL3 chart appears to be gearing up for a breakout against the leading digital asset by market cap (TOTAL3/BTC). The TOTAL3 chart tracks the market capitalization of all crypto assets, excluding Bitcoin, Ethereum (ETH) and stablecoins.
Says the analyst,
“A huge weekly bullish divergence on TOTAL3/BTC (the altcoin market cap valued in Bitcoin). I assume this will be even stronger in terms of price action in the coming period.”
According to the analyst, on the weekly time frame, TOTAL3/BTC is showing a bullish divergence with the relative strength index (RSI), a momentum indicator. A bullish divergence often indicates that a reversal is in sight, as the price of an asset trades lower or sideways while an indicator witnesses higher lows.
A TOTAL3/BTC breakout suggests the broader altcoin market is outperforming Bitcoin.
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Generated image: Midjourney