Analyst Michaël van de Poppe is assessing the crypto markets as Bitcoin continues its big break above $20,000.
The popular trader says BTC is just getting started and points to increasing support from institutional investors as a foundation of support for the top cryptocurrency.
[adinserter block="1"]“This all-time high is significant, but it’s more significant that the market is maturing.
More options for bigger players to allocate money towards crypto… this all-time high is the start of the cycle.”
If the second-largest crypto asset Ethereum can sustain its momentum, Van de Poppe says a rally to $1,000 is likely.
However, if BTC pulls back below the $20,000 mark, he expects a drop to the $440 region.
“Ethereum is going upwards partly due to Bitcoin and partly due to the fact that there is going to be CME futures launched in 2021, which is massively bullish in the long run.”
The analyst says XRP has hit its first target price after bouncing off support at the $0.45 level. He says the next level of resistance is now at around $0.65.
“Ripple has been seeing a massive retracement after that peak high at $0.75. Higher timeframes (daily) we structured the $0.45-0.48 zone as a support zone. Now it’s up 14% since this area. Pretty decent.”
Van de Poppe is also tracking a pair of altcoins that he believes have potential moving forward.
He’s been increasing his altcoin exposure in recent weeks and is looking toward a major breakout for the high throughput crypto asset Zilliqa (ZIL), which is currently at about $0.037 according to CoinMarketCap.
[adinserter block="1"]His first target is the $0.047 to $0.051 area, and his second is the $0.07 to $0.076 region.
The analyst is also bullish on the smart contract platform Elrond (EGLD).
He says traders may have missed the ideal entry point in the $17 to $18 range. At this point, Van de Poppe says a test of the asset’s all-time high at $25.38 is just a matter of time.
He’s expecting a move to the $28 to $30 area.
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