Crypto Analyst Predicts Bitcoin Build Ahead of Breakout and Updates Outlook on Two Altcoins
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 social media platform X that gold and BTC are on their way to new all-time highs (ATHs).
“Bitcoin appears to be rallying ahead of another breakout.
Gold is also continuing its rally towards new highs.”
Source: Michael van de Poppe/X
At the time of writing, BTC is worth $69,383, up 1.6% over the last week.
Looking at trading Polkadot (DOT) for BTC, Van de Poppe says he will soon add the interoperability chain to his portfolio.
“There we have it, DOT has hit a cycle low in BTC valuation due to the strength of Bitcoin.
The rotation is about to begin, there is fundamental progress, I am happy to add this to my personal portfolio.”
Source: Michael van de Poppe/X
At the time of writing, DOT is worth $8.14 (0.00012 BTC), down 2.3% over the last seven days.
Finally, Van de Poppe looks at Synthetix (SNX), a decentralized finance (DeFi) cryptocurrency that allows the creation of synthetic assets on Ethereum (ETH). According to the analyst, SNX currently has little to no momentum trading BTC.
“The downward momentum and continuation here, with a break above 6000 satoshis would mean there is a lot of power at play.
There is not too much momentum here, ETH has to rotate first and then they will return too.”
Source: Michael van de Poppe/X
SNX is worth $3.69 (0.000053 BTC) at the time of writing, down 4.2% on the day.
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