Bitcoin (BTC) Must Reclaim $85000 Before Altcoin Season Can Begin, Says Michaël van de Poppe

The crypto market is abuzz with mixed signals; however, for renowned trader and analyst Michaël van de Poppe, the path to clarity is simple: Watch Bitcoin (BTC) closely because the next Altcoin Season won't begin until Bitcoin surpasses $80,000.

Renowned trader and analyst Michaël van de Poppe is closely monitoring Bitcoin (BTC) for a crucial signal that could spark the next Altcoin Season. According to Van de Poppe, the crypto market is now at a critical juncture.

While many investors remain confused amid global economic uncertainty, Van de Poppe insists that the charts tell a clearer story than the headlines.

Macro Factors Could Push Bitcoin Higher

The macro environment is setting the stage for a major crypto breakout, with the conclusion of gold’s ongoing bullish run, potential quantitative easing (QE) from central banks, a weakening U.S. dollar, and lower oil prices all pushing risk assets like Bitcoin higher.

suggesting that if these economic factors unfold as anticipated, could surge to new all-time highs.

"I stretch the point again. It's very hard to cut out the noise, that's why the charts will always tell the real story,"

"– Gold is getting towards the end of its current run.

– QE is about to start as the bond markets are cracking.

– A deal or bounce up for the Yuan will weaken the dollar.

– Oil prices are going lower."

Bitcoin Must Reclaim $85K Resistance First

However, Van de Poppe believes that Bitcoin must first reclaim the $85,000 resistance level before Ethereum ($ETH) and the rest of the altcoin market can follow.

His argument is straightforward: Confidence returns to the crypto space when Bitcoin gains strength. This confidence will initially elevate Bitcoin, then Ethereum, and ultimately the broader altcoin market.

According to Bitcoin is currently trading around $83,381, showing a slight recovery after a steep decline from its recent highs of over $100,000. The daily technical analysis summary from TradingView paints a mixed picture for Bitcoin. Oscillators remain mostly neutral while moving averages still indicate a bearish tendency.

However, the latest tweet from Van de Poppe shows a strong bullish divergence on Bitcoin’s price chart. He suggests that the $80,000 level was key support and provided a solid bounce upwards.

This confirmation opens the door for Bitcoin (BTC) to push towards $85,000 and potentially beyond, noted the trader.

He added that Bitcoin could quickly accelerate towards that target within the coming week if a deal is struck on the macroeconomic front — possibly related to central bank intervention or a bounce in the Yuan against the dollar.

"Either way, BTC is going to massively continue the rally afterwards and we might see a $150K-$200K price range get realized in the first half of 2024."

After Bitcoin, Ethereum to Take Over

The trader, known for his bold predictions in the crypto market, also drew attention to Ethereum’s current situation, particularly its performance against Bitcoin.

In another tweet, he shared the $ETH/$BTC chart on the weekly timeframe, highlighting that Ethereum has now hit its lowest Relative Strength Index (RSI) level since its existence.

This exceptionally low RSI indicates that Ethereum is significantly oversold in comparison to Bitcoin, signaling that a trend reversal may be near.

"_The $ETH / $BTC chart, weekly timeframe, has hit its lowest RSI level since existence.

That's how overextended the current price action, sentiment & valuation are."_

However, according to Van de Poppe, the trigger for the Ethereum price recovery will only come after Bitcoin completes its next leg up.

"The interesting part is that this will only get sold after Bitcoin completes its next leg up and we're seeing a stabilization or consolidation for BTC at a higher price range."

Ethereum has struggled in recent months, trading well below its highs. The ETH/BTC ratio has declined sharply, reflecting Bitcoin’s dominance in the current market cycle.

This scenario aligns with Van de Poppe’s thesis — Bitcoin must lead the rally. Once it stabilizes or consolidates after a breakout, capital will rotate into Ethereum and then flow into smaller altcoins. This sequence has historically played out in crypto bull markets.output: