Is the Bottom In for Bitcoin and Ethereum? Top Analyst Michaël van de Poppe Updates Crypto Forecast
Widely-followed crypto analyst Michaël van de Poppe is suggesting the bottom is in on three popular crypto assets while telling prospective altcoin investors that the best time to buy might be now.
In a tweet to his 532,900 followers, Van de Poppe says that Ethereum’s (ETH) current retest of the $3,600-$3,700 range is a sign that an upward continuation is likely for the leading smart contract platform.
“I think the correction is done on Ethereum in which we’ve seen a few beautiful retests.
I’m expecting this scenario to play out.”
ETH is currently trading at $4,055, up 10% on the day.
When looking at Bitcoin (BTC), Van de Poppe believes the current market structure is nearly identical to BTC’s pattern during the September correction.
“Pretty much copy/paste of the September bottoming here.
Given the low impact of the Fed meeting on prices, I assume that we’ll see price accelerate too if it cracks crucial resistances.”
The “Fed meeting” that Van de Poppe refers to was the Federal Open Market Committee (FOMC) meeting on interest rates, inflation and asset purchase tapering that took place on December 14.
The meeting had a low impact on BTC prices as the leading crypto asset is currently trading at $48,275, an approximately 3.5% increase since the FOMC meeting.
Next, Van de Poppe evaluates enterprise solution blockchain VeChain’s (VET) price action. The crypto trader thinks VET has bottomed but anticipates more accumulation before a breakout can occur.
“I think VET has bottomed.”
Van de Poppe’s chart indicates VET/BTC price action and suggests that VeChain’s bottom is in the 0.00000170 BTC range, or about $0.082. At time of writing, VeChain is trading at $0.086.
Finally, for any prospective altcoin investors considering buying the dip, Van de Poppe offers the following analysis:
“Historically, the best period to buy altcoins is December.
Most likely, this will repeat again.”
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