A widely followed crypto strategist is declaring the bear market officially over, laying out bullish paths for Bitcoin (BTC) and altcoins alike.
Crypto trader Michaël van de Poppe tells his 670,300 followers on the social media platform X that he expects altcoins to follow BTC in reaching new yearly highs.
“Bitcoin breaks out and reaches a new yearly high.
Not a massive breakout, but as long as we stay above $34,800, the next target is $36,500-37,000.
Altcoins to follow after.”
Source: Michaël van de Poppe/X
According to Van de Poppe, BTC’s consolidation above and around the $35,000 area will lead to more rallies, specifically from the decentralized finance (DeFi) sector. All in all, the trader says the bear market is over.
“Bitcoin still consolidating above $35,000.
Slowly, but surely, more DeFi projects start to rally.
I wouldn’t be surprised if we get a renewed DeFi summer in 2024.
The bear market is behind us.”
BTC is worth $34,950 at time of writing, up 1.4% in the last 24 hours.
Looking at altcoins generally, Van de Poppe says the overall market is starting to pop. As a result, the trader thinks the major alts will soon experience breakouts.
“Altcoins are breaking out significantly and I think majors are going to follow suit.
Time to load on the dips, it’s a different sentiment. Hiking policy is coming to an end -> end of bear market in 2018. End of bear market as we speak.
Enjoy the ride!”
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