Van de Poppe: If Bitcoin Hits 40K, Altcoins Would Rally 80-150%
According to Michaël van de Poppe, a top crypto analyst and trader, Ethereum and other altcoins will spark rally if Bitcoin’s rebound continues.
The analyst revealed to his 355K Twitter followers that the Bitcoin market needs to mark new higher lows in order to unleash the rest of the crypto space.
“If we look at the price action of Bitcoin, we can clearly see and state that we’re holding above [$31,000].
If that sustains, and the market grants a higher low, I think we’ve found a temporary bottom [and] we’ll test [$40,000]. This would lead altcoins to run 80-150% from here.”
If we look at the price action of #Bitcoin, we can clearly see and state that we're holding above $31K.
If that sustains, and the market grants a higher low, I think we've found a temporary bottom & we'll test $40K.
— Michaël van de Poppe (@CryptoMichNL) July 22, 2021
Accoding to van de Poppe, if Ethereum (ETH) creates a new higher low, it will likely move up to $2,100, then continue to $2,400 and then again to $2,900.
“You should realize that currently the mindset is ultra bearish, but everybody was interested in Ethereum at [$3,500].
Now Ethereum is down 55% from the highs, maybe even 60%, and you are waiting for an opportunity to buy it at [$1,000] or [$1,400], which is completely fine, but why wouldn’t you want to look at positions at this stage, when the market is down so much and when it’s at actual support levels?”
#Ethereum looks great here. Support holding again.
If an HL is constructed, I'm looking at $2,400 and possibly $2,900 next.
