Analyst and trader Michaël van de Poppe is assessing the crypto markets and says the sector is gradually gearing up for another massive bull run.
Van de Poppe says he expects Bitcoin to continue its corrective phase in the days ahead.
Van de Poppe says that another rejection at the $52,000 level will likely take BTC back down to retest $49,000. If that level is lost, the trader believes $46,000 is the next target.
“I’m assuming that once we hold this $49,000 zone that we’ve just discussed I think we have to break through $52,000 to have continuation towards $56,000. But as this entire region ($44,900-$52,000) has become a range bound construction I’m not assuming that we will.”
As for Ethereum (ETH), the trader believes that while there is upward momentum, the second largest crypto asset has to confidently break the $1,540 level to make a run up to the $1,760 range.
Van de Poppe believes that ETH/BTC is still predictably sitting in a consolidation phase, as altcoins heat up for a meteoric altseason this summer.
“If we look at ETH/BTC we are still consolidating. We are still seeking to find strength. The levels are still there, altcoins are still heating up for the big altcoin summer, but the market in general has to have a corrective period…
Altcoins will still do well in the market itself. Short term we might get a correction in USD values and after that we are ready to go to mars.”
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Featured Image: Shutterstock/Tithi Luadthong