Bitcoin Consolidates Before All-Time High Breakout As Altcoins Surge — 'Signs Of A Bull Market,' Says Michaël Van De Poppe
Bitcoin (CRYPTO: BTC) is consolidating near record levels while altcoins show significant momentum, according to cryptocurrency analyst Michaël van de Poppe.
What Happened: “A pretty normal consolidation on Bitcoin before the breakout above the all-time high,” van de Poppe wrote Wednesday on X. “In the meantime, altcoins are significantly breaking out and continuing their momentum. The signs of a bull market.”
The leading cryptocurrency is trading at $104,030.18, up 0.25% over the past 24 hours, with a total market capitalization of $2.06 trillion. Meanwhile, Ethereum (CRYPTO: ETH) has gained 4.42%, reaching $2,625.37 with a market cap of $316.95 billion.
Van de Poppe noted correlations between traditional and crypto markets, stating: “Renminbi keeps grinding higher –> ETH keeps grinding higher.” He added that Bitcoin is approaching a new all-time high “in the coming 1-2 weeks” while Ethereum outperforms.
Why It Matters: The CMC Altcoin Season Index, which measures whether the market favors Bitcoin or alternative cryptocurrencies, currently reads 30/100, indicating the market remains in “Bitcoin Season.” The index considers the top 100 coins’ performance relative to Bitcoin over 90 days, according to data from CoinMarketCap.
Several altcoins have significantly outperformed Bitcoin in recent months, with FORM up over 206.68%, FARTCOIN rising 183.56%, and IP gaining 149.35%. Other notable performers include Maker, up 91.12%, and Monero, which has increased by 52.58%.
This consolidation period comes as inflation data has been softer than expected, creating what van de Poppe recently described as “the cocktail for Bitcoin to go ballistic.”
Bitcoin IRA co-founder Chris Kline attributes Bitcoin’s strong performance partly to “the strategic reserve race among states,” creating “unprecedented demand pressure against Bitcoin’s mathematically limited supply.”
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