Crypto Trader Updates Outlook on Altcoins, Says He’s Not Bullish on Bitcoin (BTC) at Current Levels – Here’s Why

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.”

Source: Michaël van de Poppe/Twitter

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.”

Source: Michaël van de Poppe/Twitter

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.”

Source: Michaël van de Poppe/Twitter

Bitcoin is trading for $39,179.40 at time of writing, approximately 14% below Van de Poppe’s $46,000 bull line.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image:Shutterstock/Salamahin/Kiselev Andrey Valerevich

Leave a Reply

Your email address will not be published.