Crypto analyst Michaël van de Poppe says Bitcoin (BTC) is facing a tough test at current levels.
The widely followed crypto trader tells his 711,400 followers on the social media platform X what needs to happen for BTC to reach new all-time highs (ATHs) before the halving, a quadrennial event slashing BTC rewards to miners in half, expected later this month.
[adinserter block="1"]“Bitcoin facing crucial resistance.
If another test at $71,000-72,000 happens and it breaks, we’ll see another ATH pre-halving.
Altcoins getting crushed in their Bitcoin pairs. The rotation is close.”
BTC is worth $69,955 at time of writing, up 4% in the last week.
Looking at the decentralized finance (DeFi) blockchain Injective (INJ), Van de Poppe says the DeFi altcoin is in a good position when trading against BTC.
“INJ
If you look at the USDT pair, it’s an interesting buy opportunity.
If you look at the BTC pair, it’s an even better opportunity as it’s down 55%.
Might still drop another 15-25%, but these are the dip buying zones you’d be looking at.”
INJ is trading for $32.19 at time of writing, down 5% in the last week.
Moving on to layer-1 smart contract platform Sui, the analyst says he expects SUI to fall further before reaching an ideal price.
“SUI
This has seen a tremendous upward rally in the first quarter of the year, but since February it has been seeing a 45% correction on the Bitcoin valuation.
I expect some more selloff, but these are the regions to become interested in this pair.”
SUI is worth $1.49 at time of writing.
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