A widely followed crypto analyst thinks XRP and Litecoin (LTC) can rally if Bitcoin (BTC) can overcome a key price level.
Crypto trader Michaël van de Poppe tells his 657,400 Twitter followers that BTC must rise above $26,800 to have a chance of rallying.
“The lower timeframe picture for BTC is quite simple.
We need to break through $26,800 in order to have a continuation going here.
That means, if we break and flip that level, $27,500 is on the cards, but most likely $28,000 & breakouts on XRP and LTC.”
Bitcoin is worth $26,551 at time of writing. According to Van de Poppe, if BTC can rally to $28,000, XRP and LTC are likely to experience breakouts.
XRP is worth $0.53 at time of writing. LTC is trading for $89.32.
Diving deeper into BTC’s price movement, the analyst predicts that if BTC can hold its current levels, it will be looking at a green summer ahead.
“Great retest for Bitcoin, and if the weekly closes like this, we’ll be having a close above the 200-Week MA (moving average) and EMA (exponential moving average).
That would mean that we’ll be going up next week and have green numbers coming during Summer.”
Looking at altcoins as a whole, Van de Poppe believes the altcoin markets are at a pivotal juncture.
“Total altcoin market capitalization of crypto is also on the edge of an important point here.
Closing above 200-Week MA and EMA -> good sign.
Closing beneath -> more pain to come.”
Featured Image: Shutterstock/diversepixel/nsimsek0