dailyhodl.com
A widely followed crypto analyst says the next “massive cycle” for Bitcoin (BTC) and Ethereum (ETH) is only beginning.
Crypto trader Michaël van de Poppe tells his 646,700 Twitter followers that we’ll all be laughing at current BTC and ETH prices in just a few short years.
“Fun thing is, in a few years from now we’ll be laughing at the current valuations.
Bitcoin at $200,000 or more, Ethereum being adopted everywhere.
We’re on the start of such a massive cycle.”
In the shorter term, Van de Poppe is keeping an eye on the $1,450-$1,600 range for Ethereum.
“Ethereum still on a crucial support. If we bounce, then I’d be interested around $1,600 for shorts.
Longs probably at $1,450.”
ETH is trading for $1,596 at time of writing.
As for king crypto BTC, the analyst says he’s not interested in longs at Bitcoin’s current price levels.
“Bitcoin breaks upwards and tests that level at $23,600, to immediately reject.
Question today will be whether GDP will push price towards new highs again or we’ll go sub $22,900, which means lower prices to come.
Not much interested in longs here.”
BTC is trading for $23,015 at time of writing.
Moving onto altcoins, Van de Poppe says the ETH rival Fantom (FTM) and ETH layer-2 solution Polygon (MATIC) are currently blasting off.
“FTM and MATIC going through the roof.”
Indeed, FTM is trading for $0.49 at time of writing, up 18% in the last 24 hours. MATIC is up 13% over the same period.
With FTM and MATIC outpacing most of the markets, Van de Poppe points out some of the hypocrisies in trading psychology, mentioning FTM, MATIC, and Aptos (APT) as examples.
“People are so eager to rush into positions on APT, FTM and MATIC right now.
However, a month ago the same people were so eager to sell all their crypto as we would go to $10,000.”
Aptos is trading for $17.87 at time of writing, up 11.6% over the last day.