Bitcoin vs Altcoins: The battle for dominance rages on, who will prevail?

In the crypto markets, the battle between Bitcoin and Altcoins is raging this week. As BTC consolidates, the Altcoins are gaining color in the market. Are we on the cusp of the much-anticipated altcoin season?

The Revenge of the Altcoins

In a post on social network X, Michael van de Poppe, a renowned crypto analyst, shared a screenshot of the “Total 3” weekly chart from the platform TradingView to bolster his analysis.

According to the analyst, despite a recent correction, the Altcoin market is expected to continue its recovery in the coming months. He points out that since last October, the total market capitalization of Altcoins (Total 3) has been following an upward trend. As a reminder, the TOTAL3 indicator encompasses all cryptocurrencies, with the exception of Bitcoin and Ethereum.

Data highlighted by Poppe indicates that the Total 3 recently reached a peak of $788.9 billion. Despite a slight pullback observed, the analyst considers this development to be healthy for the current bullish trend.

Poppe’s analysis shows that the uptrend has surpassed several major resistances, in particular at $402.16 billion and $449.05 billion. The recent resistance at $583.01 billion has turned into support, which suggests continuation of the uptrend.

According to data from TradingView at the time of writing, the Total 3 has rejected the pullback and displays the first signs of a continuing bullish trend. The next major target is projected at $840 billion, before a potential new all-time high beyond $1.131 trillion.

Bitcoin Takes a Breather

Poppe notes that the next Altcoins rally will coincide with a consolidation phase in the price of Bitcoin. This correlation between the performance of BTC and that of Altcoins is an essential element for investors to consider.

In the past, periods of stability or correction in the Bitcoin price have often been conducive to an outperformance of Altcoins. This phenomenon, often referred to as “Altcoins season,” could be set to repeat in the coming months, according to Poppe’s analysis.

However, investors will need to remain vigilant and adapt to the rapidly evolving nature of this ever-changing market.