Impending Bitcoin Correction Will Lead To An Altcoin Rally – Analyst — TradingView News

Renowned cryptocurrency analyst Michaël van de Poppe thinks altcoins are still “heavily undervalued.” In a recent post on X, Poppe noted that altcoins are slowly moving upward. He cited Chainlink (LINK) as one of the altcoins experiencing significant strength. However, he believes the altcoin season has yet to begin fully.

Poppe’s post on X referenced one of his recently uploaded YouTube videos, where he analyzed the altcoin market, highlighting the current pre-halving trend. The analyst compared the current altcoin market to the situation before the 2016 Bitcoin halving.

According to Poppe, although Bitcoin did not reach a new all-time high (ATH) before the 2016 halving event, the trend of that cycle remains similar to the current price development. He noted a significant impulsive Bitcoin move pre-halving, resulting in a relatable correction. 

Meanwhile, the renowned analyst believes there is still a chance for a pre-halving correction following the current Bitcoin rally. He thinks the expected correction will enable altcoins to perform significantly well. However, Poppe cited the anticipated macroeconomic data expected soon from the U.S. Federal Reserve to impact the crypto market.

In further explanation, Poppe noted that he does not expect the Fed to cut down on interest rates. He thinks that would trigger the market to drop before making its way back up. In his opinion, not cutting down on interest rates would be positive for the market in the medium term.

Poppe noted that the crypto total market cap is closing up on the ATH. He thinks after the recent surge, the wholesale metric would experience some consolidation before continuing upwards. However, the analyst acknowledged the role of Bitcoin’s dominance in the crypto ecosystem. He thinks it is nearing a pre-halving peak that would trigger a capital rotation to the benefit of altcoins.