Crypto strategist Michaël van de Poppe is bullish on Bitcoin (BTC), Ethereum (ETH), and XRP.
In his latest crypto overview, van de Poppe says he believes Bitcoin is about to make a big move and end its three-month-long consolidation above $9,000.
“So most likely, we’re going to see a rejection again at $9,170 and then another test of support. Then, I’ll assume we’re going towards $9,000 and hold there. The breakout of this structure will probably lead towards the rally of $9,300 first then retest and continuation…
I think if we break towards the upside at $10,000 that we are done with the downwards pressure and we’re going to see levels we’ve not seen for a few years.”
The crypto analyst is also bullish on the second-largest cryptocurrency. He says Ethereum is positioned to erase its resistances and make a solid run that would more than double its value.
“I’m assuming we’re consolidating for a little while and then we break up towards $247 and we can anticipate a breakout. You see the next levels [are] $293.30, $400, $450. I think the last one should be a nice swing target and maybe even a level towards $530 should be very nice.”
As for Ripple’s native token XRP, van de Poppe believes that the cryptocurrency is ripe for a relief rally.
Today a small video on $XRP as I think we're more likely going to see a breakout upwards than downwards.
Targets? Likely $0.24 / $0.28 / $0.31. pic.twitter.com/k4XfidAbmd
— Crypto Michaël (@CryptoMichNL) July 18, 2020
But not everyone is bullish on the crypto markets. The crypto data analytics platform Skew says options traders are betting that a move to the downside is likely in the near term.
“Market turning cautious? Short-term Bitcoin options skew rallied strongly this week.”