Popular Analyst Shares Prediction on Bitcoin and One Popular Altcoin
A notable figure in the cryptocurrency scene recently shared insights on Bitcoin and a promising altcoin.
Michaël van de Poppe hinted at the potential for Chainlink (LINK), a decentralized oracle network, to experience a significant uptrend. The forecast suggests a potential surge of around 90% from its current value.
Several factors contribute to this positive outlook:
- Chainlink demonstrated resilience by absorbing liquidity during a dip to $12.20.
- Multiple tests of resistance occurred, signaling potential breakthrough.
- The BTC pair indicates stabilization.
- Ethereum’s (ETH) increasing activity adds to the optimistic scenario.
The analysis points to a projected price range of $25-$30 for Chainlink in the coming months. Examining the chart, LINK has undergone four tests around the critical resistance level of $16.54 since November, indicating a potential transition of this level into a support role.
#Chainlink is still stuck in a range but is likely going to break to the upside.
Why?
– Has taken the liquidity by the dip to $12.20.
– Multiple tests of resistance.
– $BTC pair bottoming.
– $ETH starting to wake up.Seems likely we'll see $25-30 in the coming months. pic.twitter.com/fDwA49H7as
— Michaël van de Poppe (@CryptoMichNL) January 30, 2024
Shifting attention to Bitcoin (BTC), the analyst envisions a retest of higher levels leading up to the upcoming halving event in April. During this period, altcoins are expected to outperform Bitcoin.
READ MORE: Crypto Guru Predicts Institutional Adoption and New Users to Drive Prices Up
Van de Poppe suggests that Bitcoin secured liquidity above the high and is poised for consolidation. A potential new test at $48,000-$50,000 seems likely, with altcoins showing substantial outperformance.
#Bitcoin took the liquidity above the high and will likely consolidate.
Overall, pre-halving a new test at $48-50K seems likely, and altcoins will outperform massively during this time. pic.twitter.com/fJ7QUZKRSA
— Michaël van de Poppe (@CryptoMichNL) January 30, 2024
Expanding the timeframe, the analyst anticipates Bitcoin potentially reaching its prior all-time high in 2025 after breaking out of a trading range in 2024.
The scenario still stands on #Bitcoin.
We've hit the $48K target, we've hit the $38K target.
Time to consolidate and let altcoins run. pic.twitter.com/vqSJpS7h3a
— Michaël van de Poppe (@CryptoMichNL) January 29, 2024
Analyzing the chart, the trader proposes the possibility of Bitcoin reaching $68,000 in the first half of the following year. Additionally, there is a likelihood of a rally to $50,000 before the halving, followed by a temporary dip to $39,129 before resuming an upward trajectory.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
