Bitcoin is currently seizing an important opportunity to stay above $20,000. Staying above this level will psychologically suggest trend reversal. It’s important that the leading crypto does this, as most altcoins are waiting for Bitcoin to make up for 90% losses. Legendary analyst Michal van de Poppe has mapped the next levels for an altcoin he believes is bull-ready.
Michal van de Poppe says Ethereum ready for bulls
The analyst, who has 616,200 Twitter followers, discussed what Ethereum (ETH) needs to reach $1,500. If the leading altcoin breaks above the local low of $950 and $1,140, its next target will be $1,500. In the words of Poppe, quoted from a recent tweet:
Watch these key regions for Ethereum. It is currently rising and EUR/USD is showing minor relief. If we break above $1,140, I predict we will continue and make a big run for ETH between $1,400 and $1,500.
At the time of writing, Ethereum was up around 12%. This July 15 rally came as Ethereum approached the $1,000 support. The leading altcoin is currently trading at $1,217.72. It has surpassed the $1,140 resistance where Poppe appeared for now. If the analyst’s predictions come true and Ethereum reaches $1,500, it would mean about 25% gain from current levels.
According to the analyst, these projects are undermining the BTC and altcoin market
The cryptocurrency market has been under intense selling pressure for the past 6 months. The biggest damage in this process was the crises caused by Terra and Lido. In this regard, Poppe claims that the situation is made worse by the high-profile failures of large projects such as Terra (LUNA) and Celsius (CEL). As you follow on Kriptokoin.com, Celsius has filed for “immediate” bankruptcy under Chapter 11 of the US Bankruptcy Code.
However, Michal van de Poppe shared in a positive scenario for Bitcoin. If the leading cryptocurrency exceeds the $22,000 resistance, it will increase by 36% to $30,000, according to the analyst. Poppe came up with these estimates from a July 12 tweet. Analyst
Yes, the markets should have corrected. However, at the moment, forced selling from 3AC, LUNA and others has caused Bitcoin and cryptocurrency valuations to be much lower than they should have been. Therefore, exceeding $22,000 will increase the price to $30,000.
Bitcoin is currently trading at $20,794.66 with +5.26 over the last 24 hours. He left behind $20,000 as of yesterday evening. Meanwhile, all of the biggest altcoins by market cap are in the green around 5%.
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