After analyzing the current state of the cryptocurrency market, it appears that there may be some light at the end of the tunnel for investors. Michaël van de Poppe, a prominent crypto analyst, has provided some insight into what traders can expect moving forward.
Bitcoin Nears $30K Breakout: What Can Traders Expect?
In his series of tweets, he mentioned that Bitcoin is currently trading around $27,150 and has shown a great response after reaching $27,400, he advises traders to keep an eye on the $26,800 level as an entry point. To confirm a trend reversal, it is important for BTC Price to hold above support $27,800 and break the $29,200 level by flipping.
On the other hand, van de Poppe predicts that altcoins are nearing a potential bottom, with a weekly bullish divergence in sight. Altcoin dominance in the crypto market is largely dependent on Bitcoin’s actions, and if the top cryptocurrency can break through $30,000, van de Poppe believes altcoins will finally start to kick off.
Start Accumulating Altcoins Now
In a recent YouTube update, the trader told his 163,000 subscribers that altcoin dominance is largely dependent on what Bitcoin does next.
Hence with regards to altcoins, Van de Poppe sees them getting close to a potential cycle low and encourages traders to start accumulating now and potentially sell in 1-2 years.
But before that happens, altcoins may experience one more correction post the $30,000 level, bringing them into the $42,000-$45,000 region. As a result, van de Poppe advises traders to start accumulating their positions now, as Bitcoin pairs are undervalued compared to Bitcoin’s price, leading to a potential jump from Bitcoin towards altcoins.
Van de Poppe’s price analysis comes as the crypto market continues to experience volatility. The recent sell-off has led to declines in the prices of many digital assets, including Bitcoin and Ethereum. While some investors remain optimistic about the market’s long-term prospects, others are more cautious.
However, he ended with a warning that if “Liquidity is taken from both sides, which means the chop continues.”