Altcoins could see a price rally if Bitcoin breaks above the psychological level of $30,000 and retests it as support, according to crypto strategist Michaël van de Poppe. Van de Poppe, who has a large following on Twitter, explains that he prefers to see a sweep of the lows before Bitcoin reclaims the $30,000 level, as this would give altcoins the momentum to rise. As of now, Bitcoin is trading at $29,351.
In addition to Bitcoin, Van de Poppe is also keeping a close watch on Cosmos (ATOM). He has identified two potential scenarios for accumulating this altcoin. He is interested in purchasing ATOM above $10.50 and would consider longing it at $8. However, he is not interested in trading ATOM between these two price points.
Van de Poppe then turns his attention to Chainlink (LINK), a decentralized oracle network. In a recent strategy session, he explains that LINK has been in a downtrend against Bitcoin since May 2021. However, if LINK manages to stay above 0.00023 BTC worth $6.73, he predicts a potential reversal of the multi-year trend. In this case, LINK could continue its upward movement towards the range high of 0.0003950 BTC.
At the time of writing, LINK is trading at 0.0002644 BTC worth $7.74.
Related Post
Van de Poppe’s analysis provides insights into potential price movements for altcoins based on Bitcoin’s performance and specific altcoin charts. These insights are valuable for traders and investors looking to make informed decisions in the cryptocurrency market.
It’s important to note that cryptocurrency investments carry risks, and traders should conduct their own research and due diligence before making any investment decisions. The cryptocurrency market is highly volatile and unpredictable, and prices can fluctuate rapidly.
In conclusion, altcoins may experience a price rally if Bitcoin breaks above $30,000 and retests it as support. Michaël van de Poppe provides analysis on specific altcoins, including Cosmos and Chainlink, highlighting potential entry points for traders. However, it is important to exercise caution and conduct thorough research when investing in cryptocurrencies due to their inherent risks.
