Popular analyst Michaël van de Poppe dives deep into the current state of bitcoin, altcoins, and crypto
A popular crypto analyst says the last 12 hours marks the start of a recovery rally for Bitcoin (BTC).
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 is taking the spotlight with a volatile move of nearly $2,000 in 12 hours.
That is normal.
Be patient.”
Previously, Van de Poppe said that if BTC can break $20,000, it could surge to $25,000.
“Crucial for Bitcoin is to flip the $20,000 area.
If that happens, $23,000 to $25,000 seems to be next.”
With bitcoin currently trading at $21,200, up almost 10% over the past 24 hours, Van de Poppe sees confirmation of his theory that $25,000 could be next.
“The markets are following suit. A big swing of the lows, callbacks and strong candles suggesting strength is back for bitcoin like the [US Dollar] index falls.
In that case, we could continue towards $21,500, consolidate and hold above $20,000 and continue towards $23,000-25,000.
Source: CryptoMichNL/Twitter
As Bitcoin breaks out, the crypto trader says altcoins will be close behind.
“Bitcoin breaks out sharply to the upside as dollar depreciates overnight.
Meanwhile, altcoins correct their BTC pair a bit as Bitcoin takes the spotlight.
Altcoins will follow suit.
It’s a good time.”
Looking at two specific altcoins, Van de Poppe directs his followers to Chainlink (LINK) and Cosmos (ATOM).
“Chainlink looks strong and is still a huge opportunity here, I keep repeating.
ATOM is looking very strong here, while several other altcoins are starting to show signs of strength.
The coming months will be fun and expect a lot of volatility.”
The trader then dives deeper into ATOM, which is up over 20% in the last 24 hours.
“That followed the plan for ATOM.”
Looking at the overall crypto markets (TOTAL), Van de Poppe is cautiously optimistic.
“Ultimately, total market cap is at a crucial point.
It could be the bottom but if not we’re in serious trouble so I’d like to bet on the first case.
Crypto total market cap retesting 200 weeks [moving average] & keep strong.”
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