Although the larger part of the cryptocurrency market, including its representative and largest asset by market capitalization, Bitcoin (BTC), is trading in the red this week, the sector as a whole might soon flip the situation for the better and continue toward new highs.
Specifically, the professional crypto trader Michaël van de Poppe has observed that the next two years could be exceptionally bullish for the flagship decentralized finance (DeFi) asset and the entire crypto industry, as he said in an X post published on February 5.
The following two years will be a massive bull run for #Bitcoin and #Crypto.
— Michaël van de Poppe (@CryptoMichNL) February 5, 2024Indeed, in terms of Bitcoin, van de Poppe expects it to go through a consolidation period from which Ethereum (ETH) “is going to start outperforming, especially if the upgrades are going to be a success.” However, he sees the maiden crypto asset in the $48,000 range during the pre-halving period.
Bitcoin price action analysis. Source: Michaël van de Poppe
As for the other assets in the crypto sector, the analyst has shared the view that the price of Ethereum would experience the positive influence of the long-awaited Dencun upgrade that is about to go live on the final testnet in the next few days, according to his earlier X post on February 5.
In terms of altcoins other than ETH, van de Poppe observes that its market cap “remains unchanged,” having flipped a crucial area at $600 billion for support, “through which a 530-day range has ended, and the markets are in a trend,” adding that he expected continuation toward $1 trillion.
Total altcoin market cap analysis. Source: Michaël van de Poppe
Bitcoin price analysis
In the meantime, Bitcoin is presently changing hands at the price of $42,825, recording a decline of 1.38% on the day, as well as dropping 1.26% across the past week and losing 2.9% to its value over the last month, according to the most recent charts on February 6.
Bitcoin 7-day price chart. Source: Finbold
In conclusion, Bitcoin could, indeed, make a massive rally in the short and longer term, particularly as the halving hype heats up, as well as after the event itself. Consequently, it could transfer the optimistic sentiment to the crypto market as a whole, pushing it toward retaking the coveted $1 trillion market cap.
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