finbold.com
The cryptocurrency market is currently experiencing a short-term bullish trend, primarily driven by Bitcoin (BTC), which recently reached a new high for 2023, surpassing $30,000.
As a result of this Bitcoin rally, the leading cryptocurrency has regained 50% market dominance, prompting investors to shift their attention towards other digital assets that may also join the rally.
In this regard, crypto trading expert and analyst Michaël van de Poppe highlighted in a YouTube video posted on June 23 that the altcoin market is expected to follow suit and rally in the upcoming days, capitalizing on the gains made by Bitcoin.
In light of this prediction, the analyst has identified three specific coins that he believes are the top choices for investment in preparation for the impending altcoin surge. However, he noted that most altcoins remain in a depression zone despite the bullish trend.
Chainlink (LINK)
The analyst pointed out that Chainlink (LINK) should be on the investors’ radar despite the asset enduring a bear market for the past two and a half years, stretching back to August 2020. According to Poppe, once Chainlink reclaims the 2,300 satoshis mark, a continuation of positive momentum in the market can be expected.
Notably, Chainlink witnessed a peak in May 2021 before facing a subsequent decline. He noted that the future price action of Chainlink is closely tied to the performance of Bitcoin.
The analyst predicted that altcoins like Chainlink would likely gain momentum if Bitcoin consolidates and remains flat for several weeks.
On the other hand, if Bitcoin starts to surge again, altcoins may experience growth in USDT values but to a lesser extent than Bitcoin. This behavior is typical as investors tend to shift their focus toward Bitcoin during periods of expansion. By press time, LINK was trading at $5.99, gaining over 12% on the weekly chart.
Avalanche (AVAX)
Poppe highlighted that Avalanche (AVAX) is undergoing a noteworthy retest, showcasing a promising recovery. The cryptocurrency has successfully swept off the low levels, indicating a positive market expansion.
Based on his analysis, these periods of expansion tend to be highly volatile, lasting only a few weeks. Historical data reveals a similar pattern in December 2020, followed by a peak in February. Typically, this acceleration phase lasts six to eight weeks, characterized by increased volume and momentum.
Therefore, during these critical periods, it becomes crucial for investors to position themselves strategically in readiness for possible upside momentum.
By press time, AVAX was trading at $12.91. Over the last seven days, the token has benefitted from the general market rally to gain over 10%.
Curve DAO (CRV)
Interestingly, Poppe noted that Curve (CRV) is an asset worth watching despite acknowledging that its price was still ‘underwater.’ However, the analyst did not share significant trends in the asset’s price trajectory but noted that CURVE is currently experiencing a period of uncertainty as it undergoes retesting of its support levels.
Similarly, the value of CRV has also gained in the wake of the overall bullish rally in the crypto market. By press time, CRV was trading at $0.67 with more than 4% daily losses. In the last seven days, Curve is up over 8%.
The general crypto market is looking at how Bitcoin’s valuation plays out in the coming days amid prevailing factors such as inflation and regulatory threat.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.