Closely-followed crypto trader and analyst Michaël van de Poppe says that Ethereum (ETH) and Cardano (ADA) are waiting for one signal before launching huge breakouts.
In a series of tweets, Van de Poppe tells his 335,000 followers that despite the less-than-ideal look of the crypto markets, altcoins are still just in a consolidation phase against Bitcoin (BTC).
The trader says that once Bitcoin can finally find a bottom, Ethereum (ETH) and Cardano (ADA) will blast off to new 2021 highs.
“Still, altcoins against BTC are doing fine. Just consolidating.
ETH and ADA are knocking on the doors of the yearly highs and are eager to breakthrough.
I think they will once Bitcoin is bottomed.”
According to Van de Poppe, ADA/BTC is attempting to target a new yearly high somewhere in the 0.000062 area, which would represent potential gains of 34.7% from its current price of 0.000046.
“Cardano doesn’t care and is ready for new yearly highs on the Bitcoin pair.”
The analyst also has his radar locked on another altcoin that has been showing signs of life. In a tweet, Van de Poppe says Tezos is finding support on crucial moving averages (MAs) against Bitcoin (XTZ/BTC) as it gears up for the next leg of its bull run.
“Tezos holds the 100-day and 200-day MAs here, which looks like we’re going to have a continuation of the bull cycle.”
The trader adds that sentiment in the broader crypto markets is looking significantly bleak. According to him though, this could be a bullish signal.
“The sentiment is getting back to the funeral state.
Let’s see how this sentiment is going to be in a month from now.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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