Michael van de Poppe, founder of Eight, posted that altcoin market caps have “exceeded the 500-plus day range.” The crypto trader analyzed the altcoin market and stated that their total market capitalization has been exceeding for a long period.
De Poppe highlighted the corresponding support and resistance zones for digital coins. According to the expert, "retesting was carried out, which revealed sufficient support." The analyst is confident that this means that in the first quarter of 2024, the market capitalization of altcoins will at least double.
The cryptocurrency analyst recently forecast Bitcoin BTC $42,694.08
to rise to $52,000. De Poppe believes Bitcoin will consolidate between a low of $38,000 and a high of $48,000 for most of 2024 before jumping to a new all-time high in 2025 year.
Although Van de Poppe has a bullish outlook for BTC in the coming months, the analyst believes that the main crypto asset faces a long period of consolidation after the halving, when the coin will trade in a wide range without setting new all-time highs.
At the time of writing the news, the main cryptocurrency is trading at $42.757 with a market capitalization of $837.2 billion. Traders have completed daily trading transactions worth $24.3 billion. Bitcoin’s dominance in the market has dropped to 50.6%.
In general, the global capitalization of the digital asset industry on Tuesday, December 26, lost almost 1% and amounts to $1.65 trillion. Ethereum dominance was 16.2%, and the fear and greed index reached 73 points.
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