A leading crypto analyst is updating his outlook on the altcoin markets while analyzing the current price levels for Bitcoin (BTC).
In a new series of tweets, crypto trader Michaël van de Poppe tells his 575,000 followers that altcoins such as Chainlink (LINK) are maintaining higher time frame support against the US dollar (USD).
“I must say, some USD pairs of altcoins aren’t that bad at this stage, after this bounce.
LINK, for instance; still holding [higher time frame] support.”
Looking at leading altcoin Ethereum (ETH), Van de Poppe predicts months of lateral price movements before the top smart contract platform can break to new highs. According to Van de Poppe, Ethereum’s price tag could be affected by inflation.
“Still seeing this on Ethereum too.
Very interested in the reaction to the inflation numbers nonetheless.”
When it comes to leading crypto asset by market cap Bitcoin (BTC), Van de Poppe says he’s “not bullish” on BTC at its current levels. The trader thinks there is a high chance of Bitcoin taking fresh lows soon.
“Well, Bitcoin followed this scenario.
Beneath $46K I’m not bullish.
I think the chances of taking these lows are quite significant.”
Bitcoin is trading for $39,179.40 at time of writing, approximately 14% below Van de Poppe’s $46,000 bull line.
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Featured Image:Shutterstock/Salamahin/Kiselev Andrey Valerevich