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Crypto trader and analyst Michaël van de Poppe is bullish on Ethereum and a slew of altcoins.
Van de Poppe says ETH, rather than Bitcoin, will lead the way for a breakout in total crypto market cap. The analyst believes Ethereum is “ready for $500” after recently pushing through the $250 price barrier.
The total market cap of crypto will break out (most likely) upwards.
That's not going to be through $BTC.
That's going to be through $ETH.
As $ETH is very undervalued.
— Crypto Michaël (@CryptoMichNL) July 22, 2020
Van de Poppe is also bullish on Chainlink (LINK), Elrond (ERD), TomoChain (TOMO), Perlin (PERL), and LTO Network (LTO).
In particular, the trader notes that the blockchain platform TomoChain could skyrocket close to 2x in value after a consolidation period. TOMO, trading around $0.94 at the time of writing, has already more than doubled in value since the beginning of June.
$TOMO #TOMOCHAIN
Nice, this one bounced nicely from the support level at 8500 sats and is in consolidation after hitting resistance.
I think we'll just see consolidation before continuation towards 15000 sats. pic.twitter.com/v62m6VYysv
— Crypto Michaël (@CryptoMichNL) July 22, 2020
The short-term future of the altcoin markets may depend on Bitcoin’s volatility. Historically, when BTC makes a major move to the upside or downside, the broader market follows.
The pseudonymous analyst known as DonAlt tells his 147,000 followers on Twitter that BTC needs to remain above $9,300 to avoid a retracement that could bring the leading cryptocurrency to as low as $7,000.
The crypto data analytics platform Skew says options traders are betting that a move to the downside is likely in the near term.
“Market turning cautious? Short-term Bitcoin options skew rallied strongly this week.”
Featured Image: Shutterstock/Tithi Luadthong