High profile crypto trader Michaël van de Poppe is sharing his bullish Bitcoin and Ethereum outlooks as the crypto sector balloons to $2.2 trillion.
In a new tweet, Van de Poppe says that as long as Bitcoin can remain above the $61,000 range, he believes the asset is set to keep climbing towards new all-time highs.
“Bitcoin is fine above that grey zone (around $61,000). That’s the crucial breaker for now.
If that holds, then I’m assuming the grind upwards will continue.”
Early on Wednesday, Bitcoin hit a new all-time high of 64,804, according to CoinGecko.
In a new video, Van de Poppe reasoned that Bitcoin might correct after the hype surrounding the Coinbase initial public offering (IPO) died down, however, the flagship cryptocurrency has been able to remain above the critical level outlined in the chart.
The analyst says Ethereum looks primed to continue breaking out against BTC. If it follows his anticipated trajectory, ETH will hit $4,000 or higher this summer.
“Ethereum is still ready for continuation to a new higher high.
That would mean $ETH at $4,000+.”
Van de Poppe notes that if BTC does lose that grey area and its next level of support at $58,000, the short-term Bitcoin correction will likely be a harsh one that drags the rest of the market down with it.
“There is not much support beneath us until $58,000 and I can assure you that once we are breaking down to $58,000, we are going to have a very very harsh correction on altcoins as well.
I think that once we start to make this correction of even 3-4% in Bitcoin, altcoins will drop 10-15%. Should you be freaking out? No, that’s just healthy markets. That’s why you make a portfolio that’s risk-averse… not everything in altcoins.”
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