The cryptocurrency market briefly took off after Russian President Vladimir Putin’s new comments. With Bitcoin reaching the psychological resistance of $ 40,000, the altcoin market accompanied this trend with a slight rise. At current levels, while most of the gains during the day are returned, some analysts think a break of $35,000 will test the $30,000 support. Popular crypto analyst Michaël van de Poppe updates his outlook for Ethereum and LINK while analyzing current price levels for Bitcoin (BTC)…
Bitcoin, LINK and Ethereum analysis
In a new thread of tweets, crypto analyst Michaël van de Poppe told his 575,000 followers that altcoin projects like Chainlink (LINK) maintain critical support levels against the dollar. Poppe comments on the following technical chart:
I must say that some dollar altcoin pairs are at this stage, not so bad after this bounce. For example LINK; it still holds its support (on the higher timeframe).
“ETH may be affected by inflation”
Van de Poppe looks at leading altcoin Ethereum (ETH) before the largest smart contract platform soars to new heights It predicts that it will move horizontally for months. According to Van de Poppe, Ethereum’s price movements can be affected by inflation. The analyst continues with:
I still see this in Ethereum. Still, it is heavily influenced by the reaction to the inflation figures.
Van de Poppe says that when it comes to market leader Bitcoin (BTC), BTC has not been able to “rise” from its current levels. The analyst states that there is a high chance that Bitcoin will experience new lows soon:
Bitcoin followed this scenario. I’m not bull under $46,000. I think the chances of reaching these lows are pretty significant.
As quoted by Kriptokoin.com, the number of BTC short positions on the Bitfinex exchange exploded.
Bitcoin is trading in the $39k region at the time of writing, about 14% below Van de Poppe’s $46,000 bull line. Ethereum has been stable in the last 24 hours, spending time in the $2.5000 region, while Chainlink (LINK) is busy protecting the $13 region.
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