Friday, September 29, 2023

Here’s How Altcoins Could Regain Bullish Momentum, According to Analyst Michaël van de Poppe

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A closely followed crypto strategist is outlining a scenario where the broader altcoin markets could escape their recent price doldrums.

Analyst Michaël van de Poppe tells his 661,200 Twitter followers that altcoins could rally if Bitcoin (BTC) breaks above the psychological level of $30,000 and retests it as support.

“Still basically the same gameplan on BTC here.

I’d prefer to see a sweep of the lows before we reclaim $30,000 and then altcoins will have their momentum for a period of time.” 

Source: Michaël van de Poppe/Twitter

At time of writing, Bitcoin is trading for $29,351.

The trader is also keeping an eye on the interoperable blockchain Cosmos (ATOM). According to Van de Poppe, he’s looking at two possible scenarios to accumulate the 28th-largest altcoin by market cap.

“This is pretty simple. I’m interested above $10.50. Further, I’d want to long at $8. In between, I’m not interested.” 

Source: Michaël van de Poppe/Twitter

The analyst is also updating his outlook on the decentralized oracle network Chainlink (LINK). In a new strategy session, Van de Poppe says that Chainlink has been on a downtrend against Bitcoin (LINK/BTC) since May 2021 but the pair could reverse the multi-year trend if it manages to stay above 0.00023 BTC worth $6.73.

“Ultimately if we stay above 0.00023 BTC, we can assume that we’re going to have continuation towards the range high (0.0003950 BTC) and reverse the trend.”

Source: Michaël van de Poppe/Twitter

At time of writing, LINK/BTC is trading for 0.0002644 BTC worth $7.74.

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Featured Image: Shutterstock/studiostoks

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