Altcoins Could Jump as Much as 60% if Bitcoin Regains $86,000

Bitcoin reclaiming the $86,000 level could also fuel a rebound in the altcoin market, according to market analysis.

Cointelegraph reported on April 24 that Michael van de Poppe, founder of MN Trading Capital, said the current rally still has room to carry Bitcoin to $86,000, while altcoins could rise 30% to 60% from current levels.

Bitcoin was trading at about $77,890, according to CoinMarketCap. A climb to $86,000 would mark an additional gain of about 10%. Bitcoin has advanced 11.25% over the past 30 days.

Van de Poppe pointed to the Nasdaq Composite's V-shaped rebound as support for further upside. The index has gained 11.31% over the past 30 days, according to Google Finance.

Markets often follow a pattern in which Bitcoin reaches a new high first, Ethereum rises next and money then rotates into altcoins. Even so, Bitcoin remains below its all-time high of $126,100 reached in October last year.

The altcoin market has also yet to recover. Total altcoin market capitalization has dropped 28.09% since October last year, according to TradingView.

Van de Poppe said it is important for Bitcoin to hold above $75,000. Still, Polymarket participants see a 55% chance that Bitcoin falls below $75,000 by May 1.

Bitcoin analyst Willy Woo said $80,000 remains a key test. Anonymous crypto analyst Jelle said it is still too early to say with confidence whether the market has formed a bear-market bottom.

Andre Dragosch, Bitwise Europe's head of research, said Bitcoin remains undervalued because it continues to price out recession risk.

He added that interest rates are falling despite rising inflation, while easing concerns over quantum computing could allow Bitcoin to catch up with global money supply.