After a week of relatively sideways trading in the crypto markets, renowned crypto analyst Michaël van de Poppe is closely examining three major cryptocurrencies: Bitcoin (BTC), Chainlink (LINK), and Stellar (XLM). He shares his insights with his substantial following of 660,100 Twitter followers.
Let’s dive into his predictions and see what’s on the horizon!
Bitcoin (BTC): On the Verge of a Potent Move
Bitcoin, the king of cryptocurrencies, is currently at a critical juncture. Van de Poppe believes that a potential breakout is on the horizon. The key level to watch is the $30,300 to $30,500 range. If Bitcoin can break through this resistance zone, we might see a significant boost in the entire crypto market. In this bullish scenario, Bitcoin could aim for the $31,000 mark. However, it’s essential to note that Bitcoin might undergo another test of the lower support levels before making a decisive move.
At the time of writing, Bitcoin’s price stands at $29,714, showing a 3% decline over the past week.
“Bitcoin is on the edge of a big move here. Breaking through $30,300-30,500 and we’ll see strength all across the board.”
But do you think a break above the resistance is in the cards, or should we expect a retest of the lower support levels? Well, that’s hard to guess in the present scenario. However, Bitcoin has shown remarkable strength over the past six months, which could pay dividends for the asset in the long run.
Chainlink (LINK): Projected Expansion Ahead
Moving on to Chainlink, the popular decentralized oracle network built on Ethereum, is showing remarkable strength. With LINK currently trading at $8.09 and demonstrating an impressive 18% increase in the last 24 hours, the analyst sees even more potential for expansion. The critical level to watch here is $8. If Chainlink manages to surge above this level, we might witness further bullish movements.
Stellar (XLM): Long Entry Opportunity at $0.14
While discussing Stellar, a top competitor to XRP, the trader identifies a potential entry point for long trades. He suggests that the $0.14 price zone could serve as a favorable entry point for those looking to make long trades on this dynamic altcoin. Stellar is currently trading at $0.163, showing a 15% increase in the last 24 hours.
In summary, the crypto market, particularly Bitcoin, is at a critical juncture, with a major move expected soon. Chainlink appears poised for further expansion, while Stellar presents an attractive entry opportunity for long trades at the $0.14 price level, according to the analysis by Michaël van de Poppe.
Source: https://coinpedia.org/price-analysis/crypto-market-analysis-heres-what-next-for-btc-link-xlm-price/