Cryptocurrency trader and analyst Michael van de Poppe believes that one of the main factors is the blocking of Bitcoin (Bitcoin) and other digital assets from being exposed to massive hacks.
From D-Pop He tells His 821,300 followers on X said the cryptocurrency market was burdened by the global economic impacts of the US-Iran conflict.
However, he says he expects an agreement to be reached between the two countries in the coming weeks, setting up Bitcoin and altcoins for strong gains over the coming months.
“As long as Bitcoin stays here and strengthens, all is well, and with respect, I expect to see some form of deal come out in the coming days between the US and Iran. If that happens, there will be no argument left to assume that we continue to go lower, and then I expect to see more upside throughout the entire summer for altcoins and cryptocurrencies.”
The trader also warns that the value of altcoins could collapse if Bitcoin loses support at $73,000.
“Bitcoin volatility has dropped significantly, which has put altcoin markets in play. I don’t think this will stop, as long as BTC stays within the range and is not volatile. If it goes above $80k, we will see more strength in BTC and liquidity will flow back towards the main asset of the ecosystem, until it stops at the next resistance area. Likewise, I expect the same thing to happen when the price drops below $73,000, then I assume we will see altcoins correct significantly and there will be no upside at all.”
Bitcoin is trading for $74,412 at the time of writing, down 1.9% on the day.
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