Examining Bitcoin Resistance and Altcoin Opportunities
Crypto analyst Michaël van de Poppe believes Bitcoin (BTC) is encountering significant resistance as it approaches key levels. The influential trader indicates what needs to happen for BTC to achieve new all-time highs (ATHs) before the upcoming halving event, which is expected to reduce BTC rewards for miners by half.
Bitcoin Price Analysis
- BTC currently trades at $69,955, showing a 4% increase over the past week.
- Van de Poppe suggests that if Bitcoin tests the $71,000-72,000 range and successfully breaks through, it could lead to a new ATH before the halving event.
- He notes that altcoins are struggling in their Bitcoin pairs, hinting at an imminent rotation in the market.
Altcoin Opportunities
- Injective (INJ), a decentralized finance (DeFi) blockchain, is highlighted by Van de Poppe as offering favorable trading potential against BTC.
- INJ currently trades at $32.19, marking a 5% decrease in the last week.
- The analyst points out that while the USDT pair presents an interesting buying opportunity, the BTC pair offers an even better chance, being down 55%.
- He suggests potential further dips of 15-25%, indicating desirable zones for making buy decisions.
Analyst Insights
- Turning to Sui, a layer-1 smart contract platform, Van de Poppe anticipates a further decline in price before an ideal buying scenario emerges.
- Sui is currently valued at $1.49.
- The analyst notes a substantial upward rally in the first quarter of the year followed by a 45% correction in the Bitcoin valuation since February.
- He expects additional selling pressure but views the current levels as attractive for potential investors.
Hot Take: Bitcoin’s Future and Altcoin Prospects
In conclusion, van de Poppe underscores the key resistance levels that Bitcoin must navigate to reach new ATHs. He also highlights favorable trading opportunities in altcoins like Injective and Sui, providing insights into potential price movements and buying zones.
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