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- Michaël van de Poppe predicts a $1.8T market cap for altcoins by Q1 2025, based on Fibonacci levels.
- According to an analyst, a Cup and Handle pattern and whale accumulation will drive a bullish altcoin rally in Q4 2024.
Michaël van de Poppe, investor and co-founder of MN Capital, made a big forecast about the cryptocurrency market on Twitter. According to him, the total market cap of altcoins, also known as TOTAL2, has reached its bottom. His estimate predicts that the next big aim is $1.8 trillion by the first quarter of 2025.
This prognosis is based on a technical analysis of the TOTAL2 valuation chart, which has recovered from a major support area marked with the 0.382 Fibonacci Retracement level.
#Altcoins have bottomed out.
The next target is $1.8T in Q1 2025. pic.twitter.com/TRRSq5m0ey
— Michaël van de Poppe (@CryptoMichNL) September 15, 2024
Altcoin Market Sentiment: Bullish Trends Amid Caution
Poppe’s view is consistent with the growing optimism in the altcoin market. Notably, CNF has noted another popular analyst, Elja, who has a similar bullish perspective.
Elja believes that a Cup and Handle pattern, which indicates upward momentum, is building and might lead to a big cryptocurrency rally by the fourth quarter of this year. If this pattern plays out as projected, it might spark a major breakout in altcoin prices, potentially boosting a variety of digital assets in the following months.
Whale hoarding and rising cryptocurrency domination are other signs of an impending market breakout. Large investors, also known as “whales,” have consistently accumulated altcoins, indicating significant confidence in the market’s future growth.
The growing share of altcoins in the overall cryptocurrency market, which denotes a change in investor sentiment toward these alternative digital assets, further supports this.
Despite the bullish technical signs, the broader market remains cautious, particularly over the US Federal Reserve’s interest rate policy. The Federal Reserve’s stance on interest rates has a significant impact on investor risk appetite, which may influence the fate of the cryptocurrency market.
As the Fed continues to tweak its policies in reaction to economic conditions, cryptocurrency investors should be wary of potential variations in market sentiment caused by changes in the macroeconomic environment.
