A widely respected cryptocurrency analyst says altcoins are gearing up for their next big leap, predicting a massive rebound for one Chainlink (LINK) rival.
Crypto strategist Michaël van de Poppe in a new thread says 692,000 followers on social media platform X, which could see the altcoin double in the coming months.
Van de Poppe said the TOTAL3 chart, which tracks the total market capitalization of all cryptocurrencies except Bitcoin (BTC) and Ethereum (ETH), appears to be showing strength at around $450 billion.
“Altcoins are gearing up for their next push and may double in the coming months. We have a significant area where higher lows can be established and the next push can begin.”
As of this writing, TOTAL3 is trading at $481 billion.
Van de Poppe continues: Believe Bitcoin will rise to the $48,000-$50,000 level before the April halving, when BTC miners’ rewards will be cut in half.
The analyst predicts that Bitcoin will witness a downward correction towards $38,000 after the rally, which he said would provide room for the altcoin to stage a fresh rally.
“My general theory is that Bitcoin will consolidate in the coming months. A final run towards resistance at $48,000-50,000 before halving and then rebalancing towards $36,000-38,000 and from there the altcoin will continue to outperform Bitcoin.”
At the time of this writing, Bitcoin is trading at $42,686.
Van de Poppe concluded his analysis of Chainlink’s competitor, API3, which said decentralized oracle providers are “waking up.” title I suggest a price tag between $4.60 and $4.80 as long as support can be maintained around $2.50.
“Oracles are starting to take off as PYTH and LINK show tremendous momentum. API3 is also waking up, as seen in recent pushes. “As long as it stays above $2.50, I think a rebound to $4.60 to $4.80 is possible.”
API3 is trading at $3.14 at the time of this writing.
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