Crypto analyst and trader Michael van de Poppe, closely followed by cryptocurrency investors, shared a scenario in which the stagnation in the altcoin market will soon come to an end. The analyst also shared his expectations for two altcoins he has on his radar.
Altcoins Await Bitcoin Breaking $30,000
Crypto analyst and trader Michael van de Poppe predicts that altcoins will rise if the largest cryptocurrency, Bitcoin, surpasses the psychological level of $30,000 and successfully retests it as support.
“The same game plan still applies to BTC,” says Van de Poppe. “I prefer to see the bottom levels being swept before reclaiming $30,000, and then altcoins will gain momentum for a while.”
According to CoinMarketCap data, BTC is currently trading below $30,000, at $29,447.
Altcoins on the Analyst’s Radar
Meanwhile, Van de Poppe shared his latest thoughts on Chainlink (LINK) and Cosmos (ATOM), which are on his radar. The analyst highlighted two possible scenarios to combine the two coins’ blockchain, Cosmos’ native asset ATOM, saying, “My expectation for ATOM is simple. I am interested in it staying above $10.50. Furthermore, I want to take a long position at $8. I am not interested in any level between the two.”
ATOM is currently trading at $9.02, which is the range that the analyst mentioned not being interested in.
After ATOM, the analyst evaluated Chainlink’s native asset LINK, a decentralized oracle network, stating that the altcoin has been in a downtrend against Bitcoin (LINK/BTC) since May 2021. However, if the pair manages to stay above 0.00023 BTC, which is equivalent to $6.73, it will break and surpass the multi-year downtrend. The analyst said the following:
If we ultimately stay above 0.00023 BTC, we can assume that we will continue towards the highest level of the range (0.0003950 BTC) and turn the downtrend into an uptrend.
Data shows that Chainlink’s LINK has experienced a 1.39% decrease in the last 24 hours, trading at $7.64, and at a level of 0.0002594 against BTC.
