Popular crypto strategist and trader Michaël van de Poppe thinks Ethereum and other altcoins will erupt if Bitcoin’s rebound continues.
Van de Poppe says that the BTC market needs to mark new higher lows in order to unleash the rest of the crypto space.
“If we look at the price action of Bitcoin, we can clearly see and state that we’re holding above [$31,000].
If that sustains, and the market grants a higher low, I think we’ve found a temporary bottom [and] we’ll test [$40,000]. This would lead altcoins to run 80-150% from here.”
The analyst thinks that if Ethereum (ETH) creates a new higher low, it will likely jump to $2,100, then to $2,400 and then again to $2,900.
“You should realize that currently the mindset is ultra bearish, but everybody was interested in Ethereum at [$3,500].
Now Ethereum is down 55% from the highs, maybe even 60%, and you are waiting for an opportunity to buy it at [$1,000] or [$1,400], which is completely fine, but why wouldn’t you want to look at positions at this stage, when the market is down so much and when it’s at actual support levels?”
ETH is trading at $2,072.29 at time of writing after hitting a low of $1,734.47 earlier this week, according to CoinGecko.
Featured Image: Shutterstock/SvetaZi