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Altcoin Market Can Surge 80%-150% If Bitcoin Can Reach This Price Level

cryptogazette.com 23 July 2021 10:54, UTC
Reading time: ~2 m

The crypto market looks great today, especially following the latest events. A couple of days ago, we revealed that Elon Musk flaunted his support for Bitcoin. He walked away from his previous worries that led to the drop in price for the king coin.

During a live chat, he said that he wants BTC to succeed, and he said that he, Tesla and SpaceX – they all hold Bitcoin.

He also said that he holds Ethereum and a bit of Doge, of course.

Musk hinted at the fact that Tesla could start accepting Bitcoin once again.

“It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used…have been shut down, especially in China,” said Musk on Wednesday at The B-Word conference, an event hosted by the Crypto Council for Innovation.

Anyway, most of the important coins are trading in the green today, with Bitcoin staying above $32k.

ETH and altcoins will soon erupt

It’s been revealed that analyst and trader Michaël van de Poppe thinks Ethereum and other altcoins will erupt if Bitcoin’s rebound continues.

Van de Poppe said that the BTC market would have 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],” he said.

He continued and said that “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 also addressed ETH and said, “You should realize that currently, the mindset is ultra bearish, but everybody was interested in Ethereum at [$3,500].

At the moment of writing this article, BTC is trading in the green, and it’s priced at $32,338.98. ETH is also trading in the green, and the coin is priced at $2,053.18.

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