Bitcoin plummeted on March 15th, dropping significantly from its recent high (ATH) to $66,699 after reaching a high of $73,634 a few days earlier. Despite this decline, the cryptocurrency has shown impressive growth, surging more than 60% since the beginning of 2024, when Bitcoin traded above $45,000.
Hold tight, because crypto analysts are predicting big changes in the market due to a possible fall in the price of Bitcoin and a possible rise in the price of altcoins.
Insights from Van de Poppe
Cryptocurrency analyst Michael Van de Poppe looks at the situation and predicts a target range for Bitcoin between $57,000 and $61,000. He also predicts an “altcoin season” in the future, hinting at increased activity and potential profits for new cryptocurrencies.
In a recent tweet, Van de Poppe highlighted the bearish divergence in Bitcoin price, with fewer highs on lower time frames and a clear rejection at the $75,000 level. pointed out.
According to his analysis, Bitcoin could be headed for a correction with a downside target in the range of $57,000 to $61,000, possibly having already passed its peak before the next Bitcoin halving event. It shows that there is.
Also read: Top reasons why traders need to be bullish on this Bitcoin crash!
Is altcoin season on the horizon?
Despite his concerns about Bitcoin's direction, Van de Poppe remains optimistic about the broader crypto market, and altcoins in particular. He envisions an upcoming “summer of altcoins,” suggesting that various alternative cryptocurrencies will become more active and potentially more profitable.
Van de Poppe’s insight comes at a time of volatility and uncertainty in the crypto industry. Currently, Bitcoin has slightly recovered from its recent decline and remains stable at $69,169, with a market capitalization of $1.36 trillion.
Read more: 10 must-have altcoins to strengthen your portfolio before the next crypto surge!
Is altcoin season approaching? Which altcoins are you paying attention to?
