Crypto trader and analyst Michaël van de Poppe believes the correction for both Bitcoin (BTC) and Ethereum (ETH) is not yet over.
Van de Poppe tells his 80,000 Twitter followers that BTC is well-positioned to plunge to $9,500 as bears have managed to build and hold one resistance after another.
“Every level of resistance gets a confirmation, similarly with the current resistance zone (red block). If that breaks, $11,200-11,400. However, reversing here and I target $9,500-9,800 as a potential cycle low.”
The crypto strategist is also short-term bearish on Ethereum and expects the leading smart contract platform to nosedive over 25% from its current price of $337.
“Further downwards momentum to expect here. The crucial area that I’ll be interested in is $250-280. Since a while, actually.”
Van de Poppe is also looking at other altcoins which he believes have more downside potential. One altcoin on his radar is Polkadot (DOT), which he says is about to annihilate support of $3.96.
“The construction doesn’t look great. Hammering the support for the fourth time now with constantly lower bounces from this area. Another test of support and I think we’ll fall through, just aligned with further downwards market momentum.”
The crypto analyst is also keeping tabs on Cardano (ADA). He says the Ethereum competitor is poised to lose over 33% of its value from its current price of $0.09, according to CoinMarketCap.
Van de Poppe is also keeping tabs on Zilliqa (ZIL), which he believes is due for one more leg down before skyrocketing.
“Pretty decent S/R (support/resistance) flip here on the $0.012-0.014 area. Looks good for some sideways continuation before a more heavy surge towards $0.05.”
Another altcoin on Van de Poppe’s list is VeChain (VET). The crypto trader believes that the supply chain management platform will likely bleed another 20% from its current price of $0.01.
While Van de Poppe is short to mid-term bearish on BTC along with a handful of altcoins, he says that it won’t be long before bulls start to make their presence felt and take charge of the crypto markets. Altcoins may be shedding gains to be in a position to launch a full-blown altseason at the start of 2021, says the trader.
“January is probably next altseason.”
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 losses 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/Tithi Luadthong
