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A well-known crypto analyst and trader, Michael Van De Poppe, has put forward his analysis of the cryptocurrency market and its current performance.
Poppe informs his 626,100 followers over Twitter that in the same way that Bitcoin is known for its volatile price surge, altcoins are likely to follow on the same path too, soon enough.
Bitcoin (BTC) Analysis
The analyst says that in the last 12 hours, Bitcoin’s price action has displayed massive volatility with a trade of nearly $2,000. However, he tries to ease his followers and keep them away from making any wrong decisions by telling them that this kind of volatility is normal and that they need to be patient.
In his previous strategy session, Van de Poppe had predicted that if the Bitcoin price moves past $20,000, the flagship currency will easily claim the price range of $23,000 and $25,000 after that.
At the moment, Bitcoin is selling at $21,489 after a surge of 3.86% in the last 24hrs. Hence, the analyst is optimistic that his prediction might turn out to be true because he sees BTC has gained good lows, has retested and even the candles are displaying only strength. Another indicator is that the US Dollar Index is plunging.
Bitcoin Price At $25,000?
Further, the analyst claims that if this continues, Bitcoin’s price will hit $21,500, consolidate and then the currency will reclaim $20,000 and continue its move towards the $23,000 and $25,000 area.
Van de Poppe also talked about the altcoins and says that as Bitcoin claims an upward trend, the Dollar will lose its value. He pointed out that the altcoins will follow the king currency; a breakout in BTC indicates good, positive price movement for all the assets.
Chainlink (LINK) & Cosmos (ATOM)
The analyst chose to discuss two specific coins- Chainlink (LINK) and Cosmos (ATOM).
About Chainlink (LINK), he says that the currency appears strong at the moment and will soon see a massive bull run.
For ATOM, the analyst asserts that the coming month will be a volatile one for it, and it has seen a jump by about 20% in the last 24hrs.
Van de Poppe’s observation did not conclude here.
He also talked about the crypto market as a whole (TOTAL) and says it is at a crucial stage. Then he says TOTAL might have reached the bottom and if it has not, then the entire market could be facing threats.
With his analysis, he says that the Crypto market is at the 200-weekly moving average and is strongly holding on to it; this could be a good catalyst for the space.