Mt. Gox Repayment Begins as Crypto Analyst Michaël van de Poppe Predicts Altcoin Market Bottom

Michaël van de Poppe, a noted crypto analyst, recently tweeted that the overall altcoin market capitalization has bottomed out after the announcement

Michaël van de Poppe, a renowned crypto analyst, recently took to Twitter to announce that the total altcoin market capitalization has reached its bottom following the announcement of Mt. Gox news.

According to him, a strong upward bounce is to be expected, and more importantly, a strong reversal is in the works since it tested higher-timeframe support. As this value continues to rise, it will encounter a formidable opposition zone, and if this resistance is broken, we can expect to see a positive rise in the cryptocurrency market.

The total #Altcoin market capitalization has bottomed during the release of the Mt. Gox news.

A strong upward bounce, but more importantly, a strong reversal since it tested a higher timeframe support. pic.twitter.com/UrAS1tFsyk

— Michaël van de Poppe (@CryptoMichNL) July 20, 2024

Mt. Gox, a cryptocurrency exchange that went bankrupt in 2014 after losing about 850,000 Bitcoin due to a cyber attack, has finally begun repaying its creditors in July 2024. A total of 142,000 BTC and 143,000 BCH, valued at more than $9 billion, will be refunded to around 127,000 creditors who have been waiting for over a decade.

Potential Bitcoin Dominance Peak Hinges on Ethereum ETF Success

In a separate tweet, van de Poppe shared a chart that suggests Bitcoin’s dominance could peak as the leading coin encounters a strong pushback. The question remains whether BTC dominance will peak or rise again.

This outcome is dependent on how well the Ethereum ETF performs. If BTC dominance declines, we will witness confirmation of bearish divergence and an increase in altcoins, commonly known as altseason.

Previously, CNF reported that a crypto analyst said that technical indicators are changing, and the long-awaited altseason is just around the corner. However, he also cautioned that 99% of meme tokens would fail, causing investors to lose money.

On the other hand, as we previously highlighted, Dan Gambardello, the founder of Crypto Capital Venture, anticipates a massive altcoin rise.

This analysis is based on the outcome of Coinbase’s legal battle with the US Securities and Exchange Commission. The implications of this lawsuit are expected to have a significant impact on market dynamics, potentially triggering an altcoin rise.

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