Popular crypto strategist and trader Michaël van de Poppe is weighing in after most of the cryptocurrency markets took a tumble this week.
The crypto analyst tells his 493,000 Twitter followers that he is looking at price ranges of interest for Bitcoin (BTC), Ethereum (ETH), and several popular altcoins.
Van de Poppe thinks “we’re in for a short-term bounce on Bitcoin,” adding that price corrections are a healthy part of bull market cycles.
“As a reminder, Bitcoin could even correct to $48-50K and still be bullish.
I’m expecting a lengthening cycle to take place and a healthy correction [is a part of] that.”
He goes on to look at the BTC chart to plot out what he calls a “relief rally.”
“First very important region is hit for Bitcoin.
I wouldn’t be surprised if we get a short-term relief rally from this region, as we’ve just witnessed a 16-18% correction.
Same goes for ETH.”
At time of writing, BTC is trading for $58,330 and ETH for $4,277.
Next up, Van de Poppe looks at smart contract platform Cardano, whose native token ADA has fallen from a November 8th high of $2.38 to $1.87 today.
He says,
“Cardano still correcting. Possibly the hate will grow even more at this point.
That makes me interested. We could be seeing a correction to $1.50 area, but then I think the correction is over.”
Regarding veteran altcoin Litecoin (LTC), the analyst highlights an area of interest on the price chart.
LTC is currently trading at $220.22.
Van de Poppe next discusses Fantom (FTM), a scalable blockchain platform for DeFi (decentralized finance) and DApps (decentralized applications). He says that the native token FTM is at the first level between $1.50 and $2.00 points of interest.
FTM is up over 16% on the day to $2.18.
Regarding supply chain management blockchain VeChain (VET), the trader thinks VET has a chance to rise compared to BTC if it can maintain the 0.00000173 and 0.00000198 range.
Currently, VET is valued at $0.14.
Last on the list is RSR, the native token of the anti-inflationary Reserve Project and its affiliated token Reserve (RSV). While noting the range between 0.00000052 and 0.00000112 BTC, Van de Poppe says of the RSR altcoin,
“I’m expecting RSR to become interesting relatively soon.”
At time of writing, RSR is up nearly 8% to $0.03.
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The post Crypto Trader Michaël van de Poppe Updates Outlook on Ethereum, Cardano and Four Additional Altcoins, Predicts Short-Term Bounce for Bitcoin appeared first on The Daily Hodl.
