In a week marked by mostly sideways trading action in the crypto markets, a well-known crypto analyst is now taking a closer look at the situation. Michaël van de Poppe, a reputable crypto trader with a substantial following of 660,100 Twitter users, is sharing his insights on the current state of affairs.
According to Van de Poppe, Bitcoin (BTC) is poised for a potential significant move that could bring strength across the entire crypto market. He highlights the crucial price level of $30,300-30,500, and breaking through this range could be a positive indicator for Bitcoin, with Chainlink (LINK) also anticipated to rise above $8 in tandem. Van de Poppe suggests that Bitcoin could even reach $31,000.
Upon further examination of BTC’s performance, the analyst believes that another test of the lower price levels may be in store for the king crypto. Not breaking through this critical area might lead to another sweep of the lows.
Currently valued at $29,714, Bitcoin has seen a 3% decline over the past week.
Shifting the focus to Chainlink (LINK), a prominent blockchain oracle based on Ethereum (ETH), Van de Poppe predicts further expansion for the altcoin. At the time of writing, LINK is trading at $8.09, registering an impressive 18% increase in the last 24 hours.
For those interested in exploring alternatives to XRP, the analyst draws attention to Stellar (XLM) as a potential option. Van de Poppe suggests that the $0.14 price zone could be an opportune entry point for long trades on this promising altcoin. He regrets missing the trade opportunity at $0.12 for XLM and expresses the intention to look for long positions at $0.14.
As of the latest data, XLM is currently trading at $0.163, showing a remarkable 15% increase in the last 24 hours.
In summary, the crypto markets have been relatively stagnant, but Michaël van de Poppe’s analysis highlights potential opportunities in Bitcoin, Chainlink, and Stellar. His insights provide valuable information for crypto enthusiasts seeking to navigate the dynamic market landscape.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.