A widely followed analyst believes that the crypto markets at large have more room to run to the upside before witnessing a significant retracement.
Analyst Michaël van de Poppe tells his 653,500 Twitter followers that he has his eye on a number of crypto assets including crypto king Bitcoin (BTC), leading altcoin Ethereum (ETH) and peer-to-peer payments network Litecoin (LTC).
According to Van de Poppe, he sees Bitcoin hitting the $38,000 to $42,000 price level before correcting. As for Ethereum, the trader believes it can go up between $2,700 and $3,000, while Litecoin could ascend to as high as $260.
At time of writing, Bitcoin is worth $29,441. Meanwhile, Ethereum is worth $2,075 and Litecoin is trading at $99.15
The trader also is keeping a close watch on Ethereum rival Avalanche (AVAX), which predicts could rally between $55 and $65. Looking at the interoperable blockchain Cosmos (ATOM), Van de Poppe thinks it can climb to as high as $35, while the decentralized oracle network Chainlink (LINK) could surge between $18 to $22.
#Chainlink to $18-22#Avalanche to $55-65#Litecoin to $220-260#Ethereum to $2,700-3,000#Bitcoin to $38,000-42,000#Cosmos to $25-35
And then we'll correct.
— Michaël van de Poppe (@CryptoMichNL) April 16, 2023
At time of writing, AVAX is trading for $20.54, ATOM is worth $12.32 and LINK is worth $8.14.
As for his short-term outlook on Bitcoin, Van de Poppe believes that BTC could resume its uptrend if bulls manage to reclaim $29,800.
“There’s the sweep of Bitcoin. Now, reclaim $29,800 would trigger upwards continuation.
Altcoins are not feeling the pain yet, as they are consolidating or rallying up in the BTC pair.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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