A widely followed crypto analyst says the crypto markets are still “massively undervalued” despite recent rallies.
Crypto trader Michaël van de Poppe tells his 677,000 followers on the social media platform X that the crypto and Bitcoin (BTC) markets are currently at the “buy the dip” stage.
“This stage of the market you clearly want to buy the dips for Altcoins and Bitcoin.
The market is still massively undervalued and Ethereum is likely going to pick up pace in the coming months.”
According to the trader, BTC is likely to stay in its current range for the time being.
“Bitcoin showing some range-bound trading today.
Still relatively comparable in the sense that we’ll be, most likely, stuck in this area.
Further, Altcoin dips are still for buying.”
BTC is worth $42,547 at time of writing.
Looking specifically at altcoin Chainlink (LINK), Van de Poppe says the blockchain oracle is currently consolidating.
“Chainlink having a very healthy consolidation on new grounds.
Might test $12-13 areas, but overall, this is consolidation before continuation towards $25.”
LINK is trading for $14.93 at time of writing.
Looking at the top altcoin by market cap Ethereum (ETH), the analyst thinks the trend remains upward for the leading smart contract platform no matter its next move.
“Ethereum making a positive support and resistance flip at the $2,125 mark.
Even if it corrects to $1,900, the trend remains up and the next area for resistance is found at $3,400-3,800 in Q1 2024.”
At time of writing, ETH is worth $2,276.
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Featured Image: Shutterstock/Olga Salt