A closely followed crypto analyst says one altcoin that has seen tremendous gains over the last year is primed to continue its ascent.
In a new thread, crypto strategist Michaël van de Poppe tells his 722,300 followers on the social media platform X that decentralized finance ecosystem Mantra (OM) is gearing up for another leg up after seeing staggering gains of 2,800% year-to-date.
“OM made a new ATH (all-time high)! Recently confirmed breakout as expected and running in almost 30% profit since last post. I’m expecting OM to do better in the coming period, given that the markets are rotating and that RWA (real world assets) is becoming a large narrative.”
Earlier this week, Mantra made a $500 million RWA deal with UAE developer MAG. OM is trading for $1.29 at time of writing, a fractional increase on the day. During August of last year, OM was valued at $0.018.
Moving on to the crypto king, van de Poppe says that as long as Bitcoin (BTC) can stay above the $60,000 price level, it should continue to see growth.
“Bitcoin is nicely consolidating within the four-month range. As long as it stays above $60,000, it’s very likely going to continue rallying upwards. Gold has been making a new all-time high, yields are falling. Just a matter of time until Bitcoin picks up.”
The analyst then examines Bitcoin’s rate of miner capitulation and hashrate drawdown – a metric that tracks dips in the relative computing power of BTC’s Blockchain – to conclude that the top crypto asset by market cap’s next leg up will likely take it to six figures.
“At the bottom, Bitcoin miners are capitulating. The True Hashrate Drawdown at its last low on July 1st was as HEAVY as during the FTX collapse. This marks a cycle low. Since the Mt. Gox news, the price has rallied 20%. The next leg is likely to bring Bitcoin to $110,000.”
Bitcoin is trading for $63,626 at time of writing, a marginal decrease during the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: DALLE3