A widely followed crypto trader says Bitcoin (BTC) is showing signs of upward continuation after Ethereum’s (ETH) highly-anticipated upgrade.
Crypto analyst Michaël van de Poppe tells his 653,200 Twitter followers that the crypto markets are in slow continuation after ETH initially dipped yesterday on the launch of the Shanghai upgrade.
“Waking up after a massive crash on ETH after the Shanghai upgrade, it feels different.
However, Bitcoin at $30,000 is a good sign. Slow continuation.”
With ETH’s price dip yesterday being minimum and ETH currently up 4.07% in the last 24 hours, worth $1,999 at time of writing, it appears Van de Poppe’s “massive crash” comment was sarcasm.
Looking seriously at Ethereum, Van de Poppe indicates that he believes Ethereum could continue its upward trajectory.
“Ethereum is going for it.”
As for BTC, the analyst expects the king crypto to reach as high as $33,000 before a pullback.
“Bitcoin is looking at a case where we’re continuing higher.
As long as we stay above $28,600/$27,800, markets aren’t going to retrace heavily.
Lower timeframes; perhaps $29,300 could be a great entry.
Continuation targets; $32,400-$33,000.”
Bitcoin is worth $30,429 at time of writing.
Finally, on the news that FTX is reconsidering opening shop after recovering $7.3 billion in assets, Van de Poppe warns traders against rushing back to the exchange token, FTX Token (FTT).
“Wouldn’t recommend to buy FTT.
The potential risk of buying it here is substantially high.
There’s a slim chance of FTX going live again, leading to a question whether FTT has any purpose in it.
I think the markets provide better opportunities.”
FTT is trading for $2.24 at time of writing, up 66% in the last 24 hours.
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Featured Image: Shutterstock/Benny Studio