The Federal Reserve’s signals about the end of interest rate hikes and a possible pivot sparked the rise in risk assets. After this, the leading crypto Bitcoin entered the northern orbit again. Some altcoins have shown outstanding performance. In the midst of these developments, a cryptocurrency analyst who is well-known to the market with his predictions says that the market is in the ‘buy the bottom’ phase. In addition, the analyst updates his outlook for Bitcoin and 2 altcoins with high potential.
“We are in the dip buying phase for Bitcoin and altcoins!”
cryptokoin.comAs you follow from , bulls are waking up from hibernation. While leading crypto Bitcoin is on an upward trajectory, altcoins are poised to increase their dominance. Popular crypto analyst Michaël van de Poppe says BTC and altcoin markets are currently in a “buy the dip” phase. Despite recent rallies, crypto markets are still largely undervalued, according to the analyst. Meanwhile, the analyst predicts that BTC will remain within its current range for now. In this context, the analyst makes the following statement:
At this stage of the market you want to buy dips for Altcoins and Bitcoin. The market is still heavily undervalued and Ethereum will likely gain momentum in the coming months. (…) Bitcoin is showing some range-bound trading today. It’s still relatively comparable in the sense that we’ll most likely be stuck in this area. Additionally, altcoin dips are still suitable for buying.
Meanwhile, at the time of writing, BTC was trading at $41,905, down approximately 1.5% on a daily basis.
Analyst: LINK on track for $25 after consolidation
Michaël van de Poppe looks specifically at his favorite altcoin, Chainlink (LINK). Analyst says Oracle Blockchain is currently consolidating. However, it gives a pretty high target for LINK. In this regard, Van de Poppe points to the following level:
Chainlink has a very healthy consolidation on new grounds. It may test the $12-13 regions. But overall this is consolidation before continuing towards $25.
Meanwhile, LINK was trading at $14.78 at the time of writing, down 0.8% on a daily basis.
The target range for the leading altcoin is $ 3,400-3,800
Michaël van de Poppe finally takes a look at the leading altcoin Ethereum (ETH). Whatever its next move, the trend remains upwards for the leading smart contract platform, the analyst says. In this context, Van de Poppe shares the target and timing he foresees for ETH:
Ethereum is making a positive support and resistance reversal at $2,125. Even if it corrects to $1,900, the trend will continue to be upward. Thus, the next resistance area for Ethereum will be found between $3,400-3,800 in the first quarter of 2024.
Meanwhile, at the time of writing, ETH was trading at $2,232, down 2% on a daily basis.
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