Widely followed crypto analyst Michaël van de Poppe says a breakout is coming relatively soon for Bitcoin (BTC).
The crypto trader tells his 604,900 Twitter followers BTC is on the verge of a rebound and that two fundamental analysis (FA) factors will likely trigger it.
[adinserter block="1"]“Breakout is coming relatively soon for Bitcoin and if we combine that with FA, then we can clearly assume that;
– Jobless claims
– PCE [personal consumption expenditure] inflation
Are going to be the trigger. If inflation slows down or jobless claims are fine, the FED might be slowing down the policy.”
Van de Poppe also lays out how he sees Bitcoin moving in the coming months.
“The plan on Bitcoin.”
Moving on to Ethereum (ETH) rival Fantom (FTM), Van de Poppe says the layer-1 blockchain is ready for longs.
“This one played out nicely.
Not a bad place for longs now.”
The crypto trader next looks at Ethereum, which he says needs to break through $1,940 to continue moving upwards.
“Well, Ethereum got towards the range low.
The question will be whether we can bounce from here and break the $1,940 level. If that happens, I’m assuming we’ll continue $2,050.
If it doesn’t, then the markets are looking at <$1,800 probably.”
Van de Poppe also evaluates the altcoin markets as a whole, which he sees dropping quickly.
“Overall weakness in the markets, as altcoins are dropping down heavily.
That will probably continue the coming period, unless the overall sentiment switches.
In that case, focusing on USD pairs until $BTC dominance tops out around 50-52%.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/delcarmat/Sensvector
