Crypto Trader: Bitcoin’s Dominance to Diminish by Next Week

• Cryptocurrency trader Michael van de Poppe predicts a decrease in Bitcoin’s dominance.
• Bitcoin’s surge depends on surpassing the critical resistance point of $29,800.
• Van de Poppe anticipates a potential surge for Chainlink and Dogecoin.

Renowned cryptocurrency trader, Michael van de Poppe, anticipates a potential decrease in Bitcoin’s market dominance in the upcoming month. His forecast is derived from a technical analysis of Bitcoin’s daily chart, indicating that the leading cryptocurrency is currently in consolidation.

Van de Poppe suggests that a Bitcoin surge hinges on its ability to test and surpass resistance levels. Currently, the critical resistance point stands at $29,800. For Bitcoin to gain traction and trigger a bullish market trend, it must breach this threshold. He noted that Bitcoin has consistently achieved higher peaks recently, signaling a potential upswing shortly.

The cryptocurrency trader firmly believes that Bitcoin will experience at least one substantial surge before halving. The anticipated halving event is slated for April of the coming year, coinciding with BTC’s block height hitting the 840,000 mark. This halving will reduce the mining block reward to 3.125 BTC. However, it is widely anticipated to trigger a significant uptick in the leading cryptocurrency’s price.

Upon examining the graph representing the overall cryptocurrency market capitalization, van de Poppe anticipates the momentum will be sustained, provided it stays above the $1 trillion threshold. Nevertheless, should it exceed $1.26 trillion, the aggregate cryptocurrency market capitalization could escalate to a staggering $2.2 trillion in the forthcoming bull cycle. The cryptocurrency expert further suggested that this surge might occur before Bitcoin’s halving event is slated for April 2024.

In the realm of alternative cryptocurrencies, van de Poppe’s technical scrutiny of Chainlink suggests a potential surge to $9 in the imminent future. The cryptocurrency expert also anticipates a price rally for Dogecoin and Shiba Inu .