The rise in the price of Bitcoin (BTC) has also weighed on the broad market for altcoins, with some cryptocurrencies poised to hit new all-time highs. Especially after the adoption of El Salvador and the launch of the first Bitcoin ETF in the United States.
According to the cryptocurrency analyst Michaël van de Poppe, lThe cryptocurrencies with the greatest upward potential in this new cycle are smart contract platforms, Ethereum (ETH) and Solana (SOL), as well as the crypto asset focused on the construction of a new internet of value, Elrond (EGLD).
Van de Poppe says that expects Ethereum to respect its immediate resistance at $ 3,900 one more time before skyrocketing to new highs, with gains of up to 20%.
“Right now, we are facing resistance for the third time, assuming we can have a high like this (move towards $ 4,000) before correcting a bit and continuing to new highs even further,” he said.
Already looking at Solana (SOL), the strategist expects that the seventh largest cryptocurrency in the market will also face a correction before restarting an uptrend and print a new all-time high of $ 240.
“Jumping to Solana at this point is pretty tricky, really. If you’re looking at price action, you want to look at the support levels to jump. So you’re looking at those ranges ($ 122, $ 97, and $ 78 ) to potentially build their position for the next rally, because the assumption is that we are likely to get run over in the next phase of this bull cycle. “
The last coin on the popular trader’s radar is Elrond against Bitcoin (EGLD / BTC), which says it is about to print a higher low at its current trade value of 0.0036 BTC, worth $ 222.87 and then, According to the trader’s chart, the pair will start a bull run to a new high of 0.007 BTC, marking a potential maximum of more than 94% from current prices.
Now it’s Bitcoin’s turn
However, although Van de Poppe is optimistic about the altcoin market For the analyst known as DonAlt, the “alternative” cryptocurrencies may suffer some problems in their value as Bitcoin steals the scene and should capitalize on the profits of the altcoins.
In the latest TechnicalRoundup newsletter, the analyst claims that the launch of a Bitcoin ETF in the United States was not a “sell on the news” event. Instead, he sees that Bitcoin is likely in the midst of a strong bullish move.
“Overall, our view is that new all-time highs are likely … and that any decline in recovered support, specifically in the daily and weekly confluent zone around $ 56,000 and $ 58,000, is an opportunity. to position themselves for new highs. “
With Bitcoin and Etheruem (ETH) at all-time highs, DonAlt says it will not open positions in altcoins. He believes that major cryptocurrencies (outside of BTC) will bleed out as capital migrates to Bitcoin.
“First of all, if the price of Bitcoin explodes, we expect the altcoins to disappear, as the owners sell them to catch the movement of BTC. This will likely cause a liquidation cascade in the short term and create a very good reversal play. mean for when the Bitcoin breakout stops printing [velas verdes]”, he pointed.
The trader said that altcoins could be more attractive once Bitcoin completes its breakout and consolidates in a range.
“Long story short, we don’t like altcoins as long as big companies look to print big (hopefully green) candles soon. If they do, altcoins will become attractive on a post-liquidation bounce or higher turnover basis. once the dust has settled.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves risks, you must do your own research when making a decision.
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