dailyhodl.com
A widely followed crypto analyst says Bitcoin ($BTC) is busy accumulating for another breakout.
Crypto trader Michaël van de Poppe tells his 711,500 followers on the social media platform X that gold and $BTC are on their way to new all-time highs (ATHs).
“Bitcoin looks like it wants to build up before another breakout.
Gold continues the rally towards new ATHs as well.”
$BTC is worth $69,383 at time of writing, up 1.6% in the last week.
Looking at Polkadot ($DOT) trading against $BTC, Van de Poppe says he will be adding the interoperability chain to his portfolio soon.
“There we go, $DOT reached a cycle low on the $BTC valuation due to the strength of Bitcoin.
Rotation is near, fundamental progress is there, I’m glad to be adding this to my personal portfolio.”
$DOT is worth $8.14 (0.00012 $BTC) at time of writing, down 2.3% in the last seven days.
Finally, Van de Poppe looks at Synthetix ($SNX), a decentralized finance (DeFi) crypto that allows synthetic asset creation on Ethereum ($ETH). According to the analyst, $SNX has little to no momentum right now when trading against $BTC.
“Downwards momentum and continuation here, through which a break back above 6000 satoshis would mean that there’s a lot of strength involved.
Not too much momentum here, firstly $ETH needs to rotate and then these will return too.”
$SNX is worth $3.69 (0.000053 $BTC) at time of writing, down 4.2% on the day.