A widely followed crypto analyst is keeping an eye on altcoins as Bitcoin (BTC) leads the markets with its latest break out.
Crypto trader Michaël van de Poppe tells his 708,300 followers on the social media platform X that BTC just needs to stay above $67,000 to retest its all-time high (ATH).
“Bitcoin holds above crucial levels.
As long as it stays above $67,000, we’ll be good to have another ATH test.
Overall, upwards returns seem relatively skewed for Bitcoin pre-halving.”
BTC is worth $71,169 at time of writing, just shy of its ATH of $73,737 earlier this month.
According to Van de Poppe, retail traders aren’t taking much interest in BTC at the moment.
“Bitcoin is at an all-time high, but retail doesn’t seem to have interest.
Altcoins are still at rock bottom levels, and yet, no interest.
While this is the time to have interest in them, as these opportunities don’t come that often.”
Van de Poppe also says that trading altcoins successfully comes with a “narrow window.”
“In my opinion; the key to success is to hold your positions for a mid-long period, but also being able to compound your positions.
Altcoins have a narrow window of success in which those profits should be swapped to BTC.”
Looking specifically at Cosmos (ATOM), the analyst says the altcoin’s movements could be indicative of the entire altcoin market.
“I’m pleased to see strength in ATOM.
Slowly, but surely, altcoins will wake up.”
ATOM is worth $12.45 at time of writing, up 5% in the last week.
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Featured Image: Shutterstock/arleksey/WindAwake
