Analyst Michaël van de Poppe predicts an Ethereum rival will skyrocket over 130% and updates the outlook for Bitcoin
A widely followed crypto analyst believes an Ethereum (ETH) competitor is just one level of resistance away from more than doubling its value.
Crypto strategist Michaël van de Poppe tells his 692,500 followers on the social media platform
“I think we will see a continuation in other ecosystems. One of these is Polkadot, which is currently making a higher low on higher time frames. Therefore, DOT will likely continue to hold at $17.”
Source: Michael van de Poppe/X
Looking at his chart, the trader believes that DOT could rise to $17 if it converts the $9.39 resistance level into support.
At the time of writing, DOT is trading at $7.21, up 1.97% in the last 24 hours.
The trader also says that he did not expect Bitcoin (BTC) to suddenly move higher on Friday and break above $48,000.
“Bitcoin breaks $48,000. I’m surprised by the strength, but I love seeing it.”
Finally, he cites a new interview in which Russian President Vladimir Putin said the United States' debt levels are worrisome. The trader believes that Bitcoin is a safe haven in the event of an economic collapse.
“Putin mentioned that the US's $33 trillion debt is a major concern for the rest of the world. This part is more important than we think today. Buy Bitcoin. Buy gold. It’s a hedge against insolvency, not against inflation.”
Bitcoin is trading for $47,436 at the time of writing, up nearly 3% in the last 24 hours.
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