In recent weeks, the altcoin market has faced challenges in exploiting Bitcoin’s shortcomings, leading to disappointment among many investors. However, there were some notable outliers in this period, with Shiba Inu (SHIB) notable for rising more than 20% in the first week of August. On the other hand, Litecoin’s much-anticipated halving, though hyped, resulted in an 11% correction, dampening bullish traders’ spirits.
As a result, uncertainty looms over the near-term prospects of many altcoins as they appear to consolidate horizontally.
Why Collect Altcoins Now?
Amidst the apparent stagnation, a glimmer of hope shines through the influential figure Michaël van de Poppe, a prominent crypto analyst and influencer.
In a recent YouTube video, Poppe shared his belief that the current consolidation phase is just a harbinger of an impending surprise rally. He believes the prevailing market conditions, which have frustrated and discouraged many traders, are laying the groundwork for a significant uptick. His view includes a potential increase that could push the total crypto market cap to around $1.75 trillion, targeting a crucial supply and demand zone.
At the heart of Poppe’s argument is the expectation that altcoins will lead this rally and assert their dominance as Bitcoin’s position falters in the near term. In particular, Bitcoin’s grip on the weekly time frame appears to be weakening and is approaching a critical resistance level based on historical data. This development raises the possibility of Bitcoin undergoing an immediate price capitulation.
Read more: Expert Says Altcoins About to Crash Before It Gets Right
Good news: institutional interest is growing!
One of the intriguing catalysts fueling this expected turnaround is growing interest from institutional investors, particularly led by heavyweight player BlackRock. These entities are increasingly immersing themselves in the crypto market to counter escalating global inflation amid rising interest rates. This wave of institutional interest could be a game-changer for the altcoin market and propel it to new heights.
Poppe’s insights and observations provide a compelling case for investors to remain optimistic despite market uncertainty. While altcoins may have struggled recently, the potential for a surprise rally combined with growing institutional interest paints a promising picture for the future of the crypto market.
Related: Will Coinbase Scrap Cardano (ADA) And Other 13 Altcoins? CEO weighs in
However, remember: be careful and do your research!
