The widely followed cryptocurrency analyst and trader Michaël van de Poppe believes that one of the major competitors of Ethereum (ETH) could more than double its price from the current level.
Van de Poppe tells his 685,900 followers on the social media platform X that a correction in the crypto market has presented many opportunities, one of them being Polkadot (DOT).
According to the widely followed analyst, Polkadot could rally by about 164% from the current level to $17.
Based on Van de Poppe’s chart, the analyst sees DOT facing “crucial resistance” at around $9.39 after retesting the support level at around $5.50 to $6.00.
Polkadot is trading at $6.45 at time of writing.
Next up is Bitcoin (BTC). According to Van de Poppe, the flagship crypto asset is inching towards the final stages of a correction. According to the widely followed crypto analyst, Bitcoin is in a range that spans from a low of between $36,000 to $39,000. Based on Van de Poppe’s chart, the range’s high is just above $51,200, a level last reached in December of 2021.
Bitcoin is trading at $39,890 at time of writing.
Turning to altcoins, Van de Poppe says that there’s an opportunity amid the negative sentiment and a double-digit correction.
“Altcoins going into a 30% – 50% correction.
People start to lose faith after the approval of the spot Bitcoin exchange-traded funds (ETFs).
Negative news is getting into the spotlight.
Time to load on the positions.
This is a great, and possibly final dip, to get yourself in.”
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