Crypto trader calls the market “massively undervalued” and breaks down Bitcoin, Chainlink and Ethereum
A widely followed crypto analyst says crypto markets are still “massively undervalued” despite recent rallies.
Crypto trader Michaël van de Poppe tells his 677,000 followers on social media platform X that the crypto and Bitcoin (BTC) markets are currently in the “Buy the Dip” phase.
“At this stage of the market, you clearly want to buy the dips in altcoins and Bitcoin.
The market is still massively undervalued and Ethereum is likely to gain momentum in the coming months.”
According to the trader, BTC is likely to remain in its current range for now.
“Bitcoin is showing some range-bound trading today.
Still relatively comparable in the sense that we will most likely be stuck in this area.
Furthermore, altcoin declines are still worth buying.”
Source: Michael van de Poppe/X
At the time of writing, BTC is worth $42,547.
Looking at the altcoin Chainlink (LINK), Van de Poppe says that the blockchain oracle is currently consolidating.
“Chainlink is experiencing very healthy consolidation into new territory.
Might test the $12-$13 area, but overall it’s a consolidation before a continuation towards $25.”
Source: Michael van de Poppe/X
At the time of writing, LINK is trading for $14.93.
Looking at the top altcoin by market cap Ethereum (ETH), the analyst believes the bullish trend for the leading smart contract platform will continue regardless of its next move.
“Ethereum is making a positive support and resistance move at the $2,125 level.
Even if it corrects to $1,900, the trend remains up and the next resistance area is at $3,400-$3,800 in Q1 2024.”
Source: Michael van de Poppe/X
At the time of writing, ETH is worth $2,276.
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