A widely followed crypto analyst says Bitcoin is on the verge of a breakout that will strengthen the altcoin market. However, he points out the opportunities around 2 coins.
BTC and 2 altcoins require close monitoring
Van de Poppe, who has 660,100 Twitter followers, said that Bitcoin is on the verge of a move that will strengthen the crypto market. He featured the steady price movements of Bitcoin and LINK prices in his most recent tweets:
Bitcoin is on the verge of a big move here. If we break $30,300-30,500, we will see strength in all areas. Chainlink is then over $8. Bitcoin is back to $31,000.
Analyst warns of bull trap risk
The analyst, who takes a closer look at BTC, says that the leading crypto should be watched more carefully. Despite the rise, it does not rule out a potential correction.
While not breaking the important area, it looks like we’re going to hit lows once again for Bitcoin.
BTC is currently trading at $29,841, down 1.5% in the last intraday. It has been struggling to hold the $30,000 support in recent days.
Michaël van de Poppe sees position opportunity in these altcoins
Switching to Chainlink, the analyst expects the Ethereum (ETH)-based altcoin to grow further. Van de Poppe recently said that the LINK price is trading in a historic opportunity zone. The analyst was right in his predictions. As quoted by Kriptokoin.com, the LINK price gained double digits after a new upgrade.
LINK price is currently continuing its gains in double digits. On July 21, it gained around 10% in value. Thus, the price strengthened its position to the critical $8 zone.
Stellar (XLM)
Second on the analyst’s radar, XLM has been on the rise on recent news like LINK. Poppe suggests that the $0.14 price zone could be a good entry for long-term trades in the explosive altcoin:
I missed $0.12 in XLM. If I get a chance, I’ll look into long positions at $0.14 for a game.
Meanwhile, Santiment’s data shows that the balance of addresses holding 0 to 1 million LINK has increased tremendously. At the same time, the rate of accumulation continues to accelerate.
According to CoinMarketCap, Chainlink has gained 18.58% in the last seven days. However, there were signs that this increase may not mean that LINK has reached its peak. This inference was not just speculation. Instead, it relies on the actions and trading activities of LINK investors. In summary, the distribution of supply between individual LINK investors and whales has been aligned since June 10. Before that date, most bearer’s address balances were near the bottom.
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