A widely followed crypto analyst thinks Bitcoin (BTC) is back on its way up after gaining only 1% over the past seven days.
Crypto trader Michaël van de Poppe tells his 656,900 Twitter followers that Bitcoin’s time is now.
“Time to go up with Bitcoin.”
Elaborating further shortly after, Van de Poppe says his prediction is based on BTC’s reclamation of $27,200.
“Reclaim of Bitcoin at $27,200 happened.
Make a higher low here and we’ll be going towards $29,000.”
BTC is trading for $27,140 at time of writing.
In relation to Bitcoin, Van de Poppe also breaks down the altcoin dominance chart, a measure of the strength of all other crypto tokens besides Bitcoin. According to the analyst, altcoins are likely reaching the bottom of a down cycle.
“I’ve been following this chart for a while and marked that level at 8.20-8.65% as a potential support for altcoins.
Altcoins bottom out one year before the halving. That’s approximately right now.
Good bounce and a potential weekly bullish divergence start to pop up.”
Finally, Van de Poppe takes a look at the latest memecoin Pepe (PEPE), a crypto based on a controversial meme just as Dogecoin (DOGE) and Shiba Inu (SHIB) were also based on memes. The trader thinks now may be a good time to short PEPE.
“Well, PEPE is moving downwards.
I think we’ll continue that trend and I’d preferably watch an entry around $0.000000850 for a play.
Shorts for now, unless $0.000001625 is reclaimed.”
PEPE is trading for $0.00000156 at time of writing.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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 loses 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.
Featured Image: Shutterstock/diversepixel