Popular Analyst Says It’s Time for Bitcoin (BTC) To Go Up, Dives Into Altcoins and One Top Memecoin
A widely followed crypto analyst thinks Bitcoin (BTC) is back on its way up after gaining only 1% over the past seven days.
“Time to go up with Bitcoin.”
Elaborating further shortly after, Van de Poppe says his prediction is based on BTC’s reclamation of $27,200.
“Reclaim of Bitcoin at $27,200 happened.
Make a higher low here and we’ll be going towards $29,000.”
BTC is trading for $27,140 at time of writing.
In relation to Bitcoin, Van de Poppe also breaks down the altcoin dominance chart, a measure of the strength of all other crypto tokens besides Bitcoin. According to the analyst, altcoins are likely reaching the bottom of a down cycle.
“I’ve been following this chart for a while and marked that level at 8.20-8.65% as a potential support for altcoins.
Altcoins bottom out one year before the halving. That’s approximately right now.
Good bounce and a potential weekly bullish divergence start to pop up.”
Finally, Van de Poppe takes a look at the latest memecoin Pepe (PEPE), a crypto based on a controversial meme just as Dogecoin (DOGE) and Shiba Inu (SHIB) were also based on memes. The trader thinks now may be a good time to short PEPE.
“Well, PEPE is moving downwards.
I think we’ll continue that trend and I’d preferably watch an entry around $0.000000850 for a play.
Shorts for now, unless $0.000001625 is reclaimed.”
PEPE is trading for $0.00000156 at time of writing.