As current conditions push Bitcoin to 2020 levels, a prominent analyst says historical opportunity is looming. Known for his accurate predictions, Michael van de Poppe called for opportunities for LINK and additional altcoins.
Michael van de Poppe warns for a lower BTC
Van de Poppe implied in his current technical analysis that Bitcoin will not ‘return’ to the $12-14k band again. However, the SEC urges caution in XRP, which rallied 50% after the positive course in its case. As you follow on Kriptokoin.com, Ripple took the lead in the case, paving the way for the rally for XRP. The 6th largest cryptocurrency is poised to end in its legal battle with the SEC since 2020. Currently, rumors that Ripple will win the case, following the latest developments we have reported, have managed to attract the attention of investors.
Poppe, on the other hand, is cautious about XRP. Seeing the strong rise, the analyst recommends watching Bitcoin’s movements, just in case:
XRP is breaking heavily. The thing is, if Bitcoin (BTC) consolidates and rises above $20,000, it’s probably time for most of these altcoins to experience big breakouts. Position yourself well and do not fully rely on the 12-14 thousand dollar thesis.
According to Van de Poppe, if the Bitcoin price manages to surpass $20,000, it will trigger the altcoin market the big break it needs.
Well, $XRP has been breaking out heavily.
The thing is, if #Bitcoin consolidates and goes back to $20k+, it's probably time for more of those altcoins to have big breakouts.
Position yourself well and don't count fully on the $12-14K thesis.
— Michaël van de Poppe (@CryptoMichNL) September 23, 2022
‘Historic opportunity’ for this altcoin
What the analyst called a ‘historic opportunity’ was the altcoin Chainlink (LINK). Van de Poppe told his followers on Twitter yesterday that the $6 and $8 range in LINK price is a “life opportunity”. LINK is currently trading at $7.09. It is worth noting that the May 2021 ATH price traded at $52.88 at a discount of 86.59%. LINK also gained momentum upstream from the middle band of a horizontal channel. Poppe says that the $6 and $8 zone, which is the support and resistance of this range, is an ‘opportunity’.
#Chainlink between $6-8 is still an opportunity of a lifetime.
— Michaël van de Poppe (@CryptoMichNL) September 22, 2022
On the other hand, the analyst may be basing his expectations for LINK on the TOTAL chart. The total value of the market has never broken the 200-week moving average permanently until now. As can be seen from the chart below, TOTAL has always traded above the 200-week MA, except for short term breaches. Meanwhile, TOTAL has also conducted 200 MA tests, as previously in 2020 and 2021. According to the analyst, a successful test “will be positive for the markets in general”.
https://twitter.com/CryptoMichNL/status/157035654795206656
Van de Poppe also reviewed the CAKE price
The analyst finally takes a look at the CAKE chart. It expects it to rise to a resistance zone extending to past weeks at current levels:
On the 2-hour chart, CAKE gives us a potential setup! We can see the unused liquidity at $4.59.
https://twitter.com/CryptoMichNL/status/157318831510114304
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