dailyhodl.com
Cryptocurrency analyst and trader Michaël van de Poppe says one Polygon (MATIC) rival is setting the stage for a massive surge.
Van de Poppe tells his 685,200 followers on the social media platform X that layer-2 scaling solution Optimism (OP) might soon soar by more than 55% from its current value.
“Simplified TA (technical analysis) on OP, but it shows my perspectives and the outlook for the project. A natural correction taking place through profit-taking and interest into the project, before another push towards $5-plus is likely given the significant use-case surrounding roll-ups.”
Looking at his chart, the trader suggests OP might dip below the $3 level and then bounce to the $5 level.
Optimism is trading for $3.22 at time of writing, down more than 6% in the last 24 hours.
Next, the trader updates his outlook on Bitcoin (BTC) and says the king crypto could soon retest a key level at the lower bound of a trading range after failing to rally.
“Bitcoin doesn’t even provide a rally toward $46,000. A retest at the lower boundaries will likely occur, and the range is getting defined between $38,000-$48,000. I’ve been mentioning this for a long time. Be ready to buy the dip, as the sentiment will become negative.”
Looking at the trader’s chart, he suggests Bitcoin could eventually soon dip down to the $38,000 level and then rally past $42,000.
The trader warns that Bitcoin sometimes performs contrary to the popular market sentiment, citing two prior examples including price action following approval last week of BTC exchange-traded funds (ETFs).
“The markets are always surprising everyone. Bitcoin at $15,000, nobody is interested and expects it to go to $10,000. Bitcoin is at $48,000 at the ETF; $60,000 is next because of the ETF launch.
If you follow the sentiment, you’ll be like it. Average.
Make it simple: Buy the dip.”
Bitcoin is trading for $41,151 at time of writing, down 3.5% in the last 24 hours.
Generated Image: DALLE3