A widely followed crypto trader is reassuring traders that Bitcoin’s (BTC) current consolidation is simply a dip in the bull market.
Crypto analyst Michaël van de Poppe tells his 679,400 followers on the social media platform X that the market cooling down at the end of the year is to be expected.
[adinserter block="1"]“Bitcoin consolidating, altcoins taking a breather at the year’s final days.
Pretty standard de-risking going into the final days of 2023.
Expecting to rally up from Monday onwards.
Simply buy the dips, it’s a bull market.”
BTC is worth $42,122 at time of writing, down 3.6% in the last week.
Looking at Solana (SOL), Van de Poppe thinks the top Ethereum (ETH) rival will also cool down for the time being.
“SOL
Massive upward run, it rallied by more than 500% in two months.
Rotation is happening toward ETH and other ecosystems, so probably SOL is done for now.
Higher timeframe trading; interested at $70-80 for long-term entries.”
SOL is trading for $106 at time of writing.
Van de Poppe also breaks down the lesser-known ETH rival Sui (SUI). According to the analyst, SUI is in a good position to rally against Bitcoin (SUI/BTC).
“SUI
The ecosystems are heating up, and SUI is waking up alongside ARB (Arbitrum) and OP (Optimism).
Looking for the BTC pair here, which is ready to do a beautiful retest at the 0.00001710 area.
If that holds, an uptrend likely starts to 0.00003000 BTC.”
SUI is worth 0.00001919 BTC, or $0.811, at time of writing, up 17.6% in the last week.
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