A widely followed crypto analyst says the last 12 hours for Bitcoin (BTC) mark the beginning of a relief rally.
Crypto trader Michaël van de Poppe tells his 626,100 Twitter followers that altcoins will follow BTC’s volatile market jump.
“Altcoins will follow, but now Bitcoin takes the spotlight with a volatile move of almost $2,000 in 12 hours.
That’s normal.
Be patient.”
Earlier, Van de Poppe said that if BTC can break through $20,000, it could rally up to $25,000.
“Crucial for Bitcoin is to flip the $20,000 area.
If that happens, $23,000-25,000 seems next.”
With Bitcoin currently going for $21,200, up nearly 10% over the past 24 hours, Van de Poppe sees confirmation of his theory that $25,000 could be next.
“The markets are following this nicely. Great sweep of the lows, reclaim and strong candles implying strength is back for Bitcoin, as the [US Dollar] index is falling down.
In that case, we might 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 close behind.
“Bitcoin breaking upwards in a strong manner, as the Dollar loses value over night.
In the meantime, altcoins correcting a bit in their BTC pair, as Bitcoin is taking the spotlight.
Altcoins will follow suit.
It’s a good period.”
Looking at two specific altcoins, Van de Poppe directs his followers towards Chainlink (LINK) and Cosmos (ATOM).
“Chainlink is looking strong and is still a massive opportunity here, I keep repeating it.
ATOM is looking very strong here, while multiple other altcoins are starting to show signs of strength.
The coming months will be fun, expecting a ton of volatility.”
The trader then goes deeper into ATOM, which is up over 20% over the last 24 hours.
“That followed the plan nicely for ATOM.”
Looking at the overall crypto markets (TOTAL), Van de Poppe is cautiously optimistic.
“Ultimately, the total market capitalization is at a crucial point.
It might be the bottom, but if it’s not, we’re into some serious trouble so I’d like to bet on the first case.
Crypto total market cap retesting 200-Week [moving average] & holding heavily.”
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Source: https://dailyhodl.com/2022/09/09/popular-analyst-michael-van-de-poppe-dives-deep-into-current-state-of-bitcoin-altcoins-and-crypto/