For crypto traders’ latest win against the dollar, crypto expert Michaal van de Poppe advises caution. On his recent analysis, Poppe made a warning about Bitcoin (BTC) and updated his Bitcoin price forecast.
Van de Poppe: Don’t be fooled by the value of your altcoin portfolio against the dollar
Michaal van de Poppe said in his Twitter posts that most altcoin projects are underperforming Bitcoin (BTC) in the bullish momentum that needs to reach certain levels. :
Don’t be fooled by the dollar value of your crypto investments. Most are bad against BTC as markets still move in times of fear. I remain cautious in the markets until BTC rises and reclaims some key levels, at which point altcoin projects may be a better choice.
Bitcoin witnesses the struggle between bears and bulls
In terms of the leading cryptocurrency, the analyst points out that Bitcoin has been quite volatile lately:
In less than eight hours, Bitcoin sentiment shifted from bull to bear, from bear to bull again.
Analyst tries to explain BTC’s volatility using technical analysis in a tweet:
Bitcoin (BTC) had a wild day with fluctuations of over 5% during the day. The same chart can still be seen at higher levels. Nothing is clear until we break $46k and/or this block. If we reach this level, the party will continue. Until then, proceed cautiously.
Analyst points to consolidation between Bitcoin and Ethereum
Van de Poppe says there are many similarities between Bitcoin and Ethereum (ETH), the dominant smart contract platform :
The Ethereum chart is a carbon copy of the Bitcoin chart. Here the weekly order fell into opposition and is being rejected. If the market breaks the resistance, a new ATH may come. Until then, proceed cautiously.
At the time of writing, Bitcoin and Ethereum are trading in the $42,600 and $2,900 region, respectively. With the high release of US inflation data, the rise of the BTC price stopped, and scenarios of falling to $ 40,000 or below occurred.
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