A widely followed crypto analyst says that Bitcoin (BTC) is gearing up for a massive breakout after correcting to the $100,000 level.
In a new strategy session, crypto trader Michaël van de Poppe tells his 790,900 followers on the social media platform X that Bitcoin is now likely on the verge of breaking through the resistance level at $105,800.
[adinserter block="1"]“Bitcoin is about to break back higher, as we’ve taken all the liquidity and it’s quickly being absorbed. These levels should usually be the end of the correction.”
He also says that Bitcoin is exhibiting market strength after retesting the $100,739 level.
“To be honest, after the recent correction on Bitcoin, this is what you’d want to see. A strong bounce back upwards, ETH also climbing back. Good times are ahead.”
Bitcoin is trading for $105,023 at time of writing.
Next up, the analyst says he remains bullish on layer-1 blockchain Sui (SUI), despite the recent major security breach of the Cetus Protocol, a decentralized exchange (DEX) operating on the Sui network.
The analyst says one reason to be bullish on SUI is that the network’s total value locked (TVL) is recovering after its decline triggered by the Cetus hack. The TVL is the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
“SUI has continued to show strength. Despite the recent exploit on Cetus, the TVL on SUI is still $1.8 billion and constantly growing. It has run back with 20% since the recent drop. Such a strong signal and such a strong ecosystem.”
SUI is trading for $3.18 at time of writing, up 1.4% in the last 24 hours.
Lastly, the analyst says that the cross-chain messaging protocol Wormhole (W) is showing bullish divergence on the weekly chart.
A bullish divergence, which suggests price will start to increase, occurs when the price of assets records lower lows while indicators, such as the Relative Strength Index (RSI), a momentum oscillator indicator, are witnessing higher lows.
“W remains to be one of my portfolio altcoins. They are bringing Dogecoin to Solana as well, as they bridge the memecoin towards the other chain. Secondly, they are the exclusive partner of BlackRock’s BUIDL and more partners. Massive bullish divergence.”
Wormhole is trading for $0.07355 at time of writing, down 2.8% in the last 24 hours.
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