Crypto Analyst Breaks Down “Massive” Altcoin Liquidations and Updates Bitcoin (BTC) Outlook
A widely followed crypto analyst is diving into crypto markets as Bitcoin (BTC) plateaus and altcoins experience “massive liquidations.”
Crypto trader Michaël van de Poppe tells his 680,800 followers on social media platform X that yesterday altcoins experienced their biggest liquidation day in the last two years.
“Massive liquidations today, the largest in altcoins in the last two years.
It's unlikely to happen again tomorrow or the day after, but it illustrates some important concepts;
– Avoid excessive risk-taking through leverage.
– Maintain low bids at all times.
– Be patient.”
Looking at the altcoin Chainlink (LINK), Van de Poppe says the blockchain oracle is unlikely to go back much further.
“Entry points on LINK were hit during yesterday’s cascade of altcoin liquidations.
It is always best to remain patient. If you do this, you will also be rewarded.
I don't think Chainlink will go much deeper; In fact, I think we will see an upward trend.”
Source: Michael van de Poppe/X
Looking at the top altcoin Ethereum (ETH), the trader believes that the smart contract platform has even further to fall when trading Bitcoin.
“Ethereum is still looking to find a bottom in the BTC pair.
This means we will likely move from BTC strength to Ethereum strength before the halving.”
Source: Michael van de Poppe/X
Meanwhile, the analyst says BTC is likely to consolidate as the world awaits approval or rejection of a spot BTC exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).
“Bitcoin is still awaiting possible approval of the Spot Bitcoin ETF.
I stand by my thesis that we are consolidating in a range between $38,000 and $50,000.”
Source: Michael van de Poppe/XDon't miss a thing – Subscribe to receive email alerts straight to your inbox
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