Popular analyst Michaël van de Poppe dives deep into the current state of Bitcoin, Altcoins and Crypto
A widely followed crypto analyst says the last 12 hours for Bitcoin (BTC) marks the beginning of a relief rally.
Crypto trader Michaël van de Poppe says his 626,100 Twitter followers that altcoins will follow BTC’s volatile market jump.
“Altcoins will follow, but now Bitcoin is taking the spotlight with a fleeting move of nearly $2,000 in 12 hours.
It is normal.
Please be patient.”
Previously, Van de Poppe so that if BTC can break through $20,000, it can increase up to $25,000.
“Crucial for Bitcoin is to turn the $20,000 area.
If that happens, it looks like $23,000-25,000 is next.”
With Bitcoin currently trading at $21,200, up nearly 10% in the past 24 hours, Van de Poppe looking confirmation of his theory that $25,000 could be next.
“Markets are tracking this nicely. Big weakening of the lows, recovery and strong candles, suggesting strength is back for Bitcoin, then [US Dollar] the index falls.
If so, we can continue towards $21,500ish, consolidate and hold above $20,000 and continue towards $23,000-$25,000.”
As Bitcoin breaks out, the crypto trader says altcoins will follow soon after.
“Bitcoin breaks sharply higher as the dollar loses value overnight.
Meanwhile, altcoins are correcting a bit in their BTC pair as Bitcoin takes the spotlight.
Altcoins will follow suit.
It is a good period.”
Looking at two specific altcoins, Van de Poppe conducts his followers against Chainlink (LINK) and Cosmos (ATOM).
“Chainlink looks strong and remains a huge opportunity here, I keep saying that.
ATOM looks very strong here, while several other altcoins are starting to show signs of strength.
The coming months will be fun, and expect plenty of volatility.”
The merchant then leaves deeper into ATOM, which is up over 20% in the last 24 hours.
“It followed the plan nicely for ATOM.”
Looking at the overall crypto markets (TOTAL), Van de Poppe is careful optimistic.
“At the end of the day, total market value is at a tipping point.
It might be the bottom, but if it’s not, we’re in serious trouble, so I’d bet on the first case.
Total market cap for crypto retesting 200-week [moving average] and hold heavy.”
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Featured image: Shutterstock/avian
