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.
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.”
Generated Image: Midjourney