After a huge sell off days ago, the crypto market is slowly picking pace as the weekend approaches. Bitcoin is struggling to hold above to $61K, ETH is up $4.4K, and all other altcoins are showing mixed signals today.
Michael van de Poppe, a well-known crypto analyst and trader, has weighed in after most cryptocurrency markets have plummeted this week.
The crypto researcher informs his 493,000 Twitter followers that he is researching price ranges for Bitcoin (BTC), Ethereum (ETH), and a number of famous altcoins.
BTC and ETH
We’re in for a short-term recovery on Bitcoin,” Van de Poppe believes, adding that price corrections are a healthy part of bull market cycles.
He reminds that Bitcoin might correct below $48-50K while remaining bullish.
He is anticipating a lengthening cycle, with a healthy corrective as part of it.
He then plots out what he refers to as a “relief rally” on the BTC chart.
According to the analyst, Bitcoin’s first and most crucial region has been impacted.
Given the recent 16-18% fall, It wouldn’t be shocking to see a short-term relief rebound from this region.
The same may be said about ETH, he opines.
Next, Van de Poppe looks at Cardano, a smart contract platform whose native cryptocurrency ADA has plummeted from a high of $2.38 on November 8th to $1.87 today.
He says,”Cardano continues to rectify. At this point, it’s possible that the hatred will develop even more, and piques his attention. One could see a correction to around $1.50, but he believes the correction is gone.
Van de Poppe then moves on to Fantom (FTM), a scalable blockchain platform for DeFi and DApps. He claims that the native token FTM is trading at the first level of interest, between $1.50 and $2.00.
At the time of writing, FTM was trading at $2.16 down by 3.3% in the last 24 hours.
The trader believes VeChain (VET), a supply chain management blockchain, has a potential to outperform BTC if it can stay between 0.00000173 and 0.00000198.
At the time of writing, VET is trading at $0.1387 down by 3.1% in the last 24 hours.
RSR, the native token of the anti-inflationary Reserve Project and its connected token Reserve, is the last on the list (RSV). Van de Poppe states of the RSR altcoin, “While noticing the range between 0.00000052 and 0.00000112 BTC.
At the time of writing, RSR is trading at $0.0368 up by 2.4% in the last 24 hours.