A widely followed crypto analyst says altcoins are ready for the next big thing, as he predicts a huge rally for one Chainlink (LINK) competitor.
In a new thread, crypto strategist Michaël van de Poppe tells According to his 692,000 followers on social media platform X, altcoins could double in the coming months.
Van de Poppe says the TOTAL3 chart, which tracks the total market capitalization of all cryptocurrencies excluding Bitcoin (BTC) and Ethereum (ETH), appears to have printed a bullish higher low at around $450 billion.
“Altcoins are ready for their next boost and could potentially double in size in the coming months. Crucial areas are holding, allowing a higher low to be reached and the next push to begin.”
At the time of writing, TOTAL3 is trading for $481 billion.
Van de Poppe continues that he is believes Bitcoin will rise to the $48,000 to $50,000 level before the April halving, when rewards for BTC miners will be halved.
After the rally, the analyst predicts that Bitcoin will witness a correction to $38,000, which he believes will give altcoins room to make a new run upward.
“My general theory is that Bitcoin will consolidate in the coming months. A final run towards resistance pre-halving at $48,000-50,000, then another correction to $36,000-38,000 and from there altcoins will continue to outperform Bitcoin.”
Bitcoin is trading at $42,686 at the time of writing.
Concluding his analysis with Chainlink rival API3 (API3), Van de Poppe says the decentralized oracle provider is “waking up” and column towards a price tag between $4.60 and $4.80 as long as it can maintain its support around $2.50.
“Oracles are starting to fire, as PYTH and LINK have shown a tremendous amount of momentum. API3 is also waking up, as we can see with the recent push. As long as the price remains above $2.50, I think a rally to $4.60-$4.80 is possible.”
API3 is trading at $3.14 at the time of writing.
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Generated image: Midjourney