Momentum from Bitcoin’s recent rally could spill into the altcoin market, which could see gains of as much as 60% if Bitcoin continues to rise, according to a crypto analyst.
“I think this leg has enough room to continue to $86K, and altcoins to run 30-60% from here,” MN Trading Capital founder Michael van de Poppe said on Thursday.
A move to $86,000, a level Bitcoin hasn’t seen since Jan. 28, would represent about a 10% increase from its current price of $77,890, according to CoinMarketCap data.
Bitcoin is up 11.25% over the past 30 days. Source: CoinMarketCap
Van de Poppe attributed his outlook for further upside to a “V-shaped recovery” in the Nasdaq. The Nasdaq Composite, a stock market index that includes most stocks listed on the Nasdaq exchange, is up 11.31% over the past 30 days, according to Google Finance.
It’s a long-held view among crypto market participants that Bitcoin would need to reach new all-time highs, followed by an Ether rally, before capital rotates further down the risk curve into other altcoins.
However, Bitcoin is still far from its all-time high of $126,100 that it reached in October. Altcoins also need to play catch-up, with total altcoin market capitalization down 28.09% since October, according to TradingView.
Source: Plan C
Van de Poppe said it is “crucial” that Bitcoin holds above $75,000, though broader markets are not convinced that level will hold.
Polymarket traders are assigning a 55% probability that Bitcoin drops below $75,000 by May 1. Meanwhile, Bitcoin analyst Willy Woo said in an X post that $80,000 “remains a key test level” for Bitcoin and pseudonymous crypto analyst Jelle said in an X post on Thursday that they are “still not sure that the bear market bottom is in.”
Bitcoin may benefit from three “upside macro catalysts”
Bitwise’s head of research for Europe, Andre Dragosch, said in an X post on Wednesday that he’s tracking three key “upside macro catalysts” for Bitcoin.
“Bitcoin continues to price out recession risks — it is still undervalued by that count,” Dragosch said, describing the first potential macro upside catalyst.
The total crypto market cap, excluding the top 10, has seen a slight 2.90% uptick over the past 30 days. Source: TradingView
Dragosch also flagged declining interest rates despite rising inflation, and the idea that Bitcoin could catch up to global money supply levels as concerns around quantum computing “continue to fade.”
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