As Bitcoin surged over 11% in the last 7 days, reaching $65,758, it suggests a shifting sentiment in the market. Along with Bitcoin’s rise, major altcoins are rallying past key thresholds. Michael van de Poppe, a prominent crypto analyst, has observed a series of market events indicating a potential recovery, hinting at the beginning of an altcoin season.
Key Indicators Hint Altcoin Surge
Van de Poppe points out that Germany has finished selling its Bitcoin holdings, which has eased some selling pressure. Additionally, Mt. Gox has distributed 66% of its outstanding BTC to clients, and the market has managed to absorb this influx, helping maintain Bitcoin’s consolidation around $65,000. Since this news broke, Bitcoin’s price has surged by nearly 20%.
Meanwhile, BlackRock, a leading investment management firm, has shown increasing positivity toward Bitcoin. Recently, BlackRock called Bitcoin a hedge against global uncertainty, and CEO Larry Fink, who was once skeptical, now supports it.
The inflow of $400 million into Bitcoin ETFs shows strong interest from large investors, helping to stabilize the market. This influx of capital from big players indicates solid support for Bitcoin.
Miners’ Capitulation
Further Van de Poppe notes that miners are giving up at levels similar to those during the FTX crash, which usually leads to a change in market direction. Historically, such negative sentiment often comes before price increases, suggesting the market may be ready for a rebound.
Altcoin Season Begins?
Interestingly, van de Poppe points out that altcoins have started to show strength, with many outperforming Bitcoin. Since mid-May, following the approval of the Ethereum ETF, Ethereum has outperformed Bitcoin by 20%.
This trend suggests growing confidence in Ethereum and its ecosystem, potentially leading to higher returns for altcoin investors. Historically, altcoins tend to perform better in the second half of the year. Van de Poppe believes this trend will continue, especially given the current market conditions and positive sentiment surrounding Ethereum.
Read More: Bitcoin Surges 11%: Is the Altcoin Season Finally Here?
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