A widely followed crypto analyst predicts that an Ethereum (ETH) competitor is gearing up for a massive breakout.
Crypto trader Michaël van de Poppe tells According to its 725,300 followers on social media platform
“The markets are preparing for a turnaround. NEAR has retested a crucial area for support and seems to be holding up as of now. As long as it remains between $2.75 and $3.40, I assume we will see $15 in the next three to six months.”
NEAR is trading at $4 at the time of writing, down 1.3% in the last 24 hours.
Then the analyst suggests Bitcoin (BTC) could soon regain the $60,000 range.
“Bitcoin invalidated my bearish stance and broke through $56,000. I’d like to see this scenario play out: do a small retest at $55,000-$55,500, and move up from there to $60,000-$61,000 over the next week. It looks good.”
Bitcoin is trading at $57,390 at the time of writing.
Finally, the analyst suggests that the crypto market correction may be over and the rally for many altcoins against Bitcoin may begin soon.
“The bottom has been reached for altcoins and Bitcoin. The Bitcoin pairs of many of the altcoins have been creeping higher and many technical signals are showing this. It’s going to be great. Congratulations, you survived the pain.”
However, he warns that the ETH/BTC pair may correct more deeply before recovering.
“The ultimate shitshow of this cycle: ETH. The bullish divergence is not validated. Things are starting to look really bad, and I think we’ll overcome the lows. If Bitcoin rises to $60,000-$61,000, ETH will move south of 0.04 BTC before there is a chance of a reversal.”
ETH/BTC is trading at 0.04081 BTC ($2,361) at the time of writing, down more than 1% in the past 24 hours.
Credit : dailyhodl.com
