Altcoin Rally to Continue Amid Market Correction, Predicts Crypto Analyst

Despite a recent correction, cryptocurrency analyst Michael van de Poppe predicts an altcoin market rally in the coming months, coinciding with Bitcoin price consolidation. Poppe's analysis, based on the "Total 3" weekly chart on TradingView, indicates an uptrend and a recent pullback that he considers a healthy correction. The chart shows Total 3's resistance breaks and support conversion, leading Poppe to believe that the altcoin market cap will not fall below $583.01 before continuing its upward trajectory.

Cryptocurrency Analyst Predicts Continued Altcoin Rally Amidst Market Correction

Acclaimed cryptocurrency analyst Michael van de Poppe anticipates a sustained rally in the altcoin market over the upcoming months, despite a recent market correction. In a recent analysis shared via social media, Poppe posits that the anticipated rally will transpire concurrently with a period of consolidation in Bitcoin's price.

To elucidate his analysis, Poppe presents a screenshot of the "Total 3" weekly chart from TradingView, which depicts the combined market capitalization of all cryptocurrencies excluding Bitcoin and Ethereum. The chart reveals that Total 3 has been trending upward, recently reaching a swing high of $788.9 billion.

Despite a subsequent pullback, Poppe remains bullish, viewing this correction as a healthy development within the ongoing uptrend. His analysis highlights that the uptrend, initiated in October 2022, has breached several resistance levels, including $402.16 billion and $449.05 billion. Furthermore, Poppe identifies $583.01 billion as a previous resistance that has since transformed into support.

Based on the chart data, Poppe's analysis suggests that Total 3 is unlikely to decline below $583.01 billion before resuming its upward trajectory. He deems this correction as a "healthy adjustment" in the altcoin market, which will pave the way for the next phase of altcoin market dominance.

As of this writing, TradingView data indicates that Total 3 has resisted the pullback. The attempted bearish weekly candle has culminated in a bullish reversal, with the chart exhibiting early signs of continued upward momentum.

Historically, Total 3's next significant resistance level is projected to be $840 billion. A surge beyond this level would propel the altcoin market capitalization towards a new all-time high (ATH), potentially eclipsing the previous ATH of $1.131 trillion, as per TradingView data.