Prominent crypto strategist and trader Michaël van de Poppe says Bitcoin is gearing up for a run to $40,000 as it continues to register new all-time highs.
In a new tweet, Van de Poppe tells his 91,700 followers that BTC can post gains of over 50% as it trades around $27,000.
“Bitcoin breaking upwards even more as it’s approaching my second Fibonacci point of interest around $25,800.
The higher we go, the higher the next impulse move will bring us. If $25,800 is this temporary top, next impulse could bring BTC towards $40,000+.”
The trader also points out why the current BTC bull cycle is different from the one it had three years ago.
“Bitcoin above $26,000 while the retail hype is not even close to the previous all-time high at $19,700 in 2017. Bull market.”
Although Van de Poppe is bullish on the leading cryptocurrency, he issues a warning to his followers that BTC can ignite a strong move down.
“Vertical moves often end in a swift correction (remember Summer ’19)? Those swift corrections are made for the establishment of a sideways range. Don’t get chopped out of a correction. The bull market will last for a longer period. Have a longer horizon.”
As for altcoins, Van de Poppe says that it is only matter of time before market participants rotate their BTC profits into other digital assets. The trader highlights that altcoins are currently establishing a bottom in preparation for a big move early next year.
“I’m expecting altcoins Q1 2021. Bottoming in this period.”
The widely-followed crypto strategist is keeping a close watch on two altcoins in particular. He believes VeChain (VET) is primed to perform well against BTC and the US dollar.
Looking at Zilliqa (ZIL), the trader says he’s waiting for a pullback before it skyrockets above $0.23 and records a new all-time high (ATH).
“Zilliqa reached the second target zone for this impulse wave. A run of 300%+ and a very bullish outlook for this one for 2021. Points of interest: $0.035 and $0.048. The next impulse wave will most likely bring a new ATH for this one.”
Featured Image: Shutterstock/Tithi Luadthong