A closely followed crypto currency analyst indicates that altcoins are ready for the next major surge, predicting a significant rise for a Chainlink (LINK) competitor.
“Altcoins Could Double!”
In his recent statements, popular crypto analyst Michael van de Poppe claimed to his followers on social media that altcoins could double in the upcoming months. Van de Poppe pointed out that the TOTAL3 chart, which tracks the total market value of all cryptocurrencies excluding Bitcoin (BTC) and Ethereum (ETH), shows a low setup indicating a trend towards approximately $450 billion, and stated the following:
Altcoins are ready for the next surge and could possibly double in the coming months. There are significant areas where a higher bottom level has been established and the next push could begin.
Van de Poppe mentioned that he believes Bitcoin will rise to the $48,000 to $50,000 level before the halving in April, which cuts Bitcoin miners’ rewards in half. The analyst predicts that after the surge, Bitcoin will witness a correction down to $38,000, which will provide room for a new rise for altcoins. The senior analyst included these statements:
My general theory is that Bitcoin will consolidate in the coming months. To make the final run towards the $48,000-$50,000 resistance before halving, then to make another correction towards $36,000-$38,000, and from there altcoins to continue outperforming Bitcoin.
Movement from Chainlink’s Rival
Bitcoin was trading at $42,686 at the time the article was written. Completing his analysis with Chainlink’s competitor API3 (API3), Van de Poppe stated that the decentralized oracle provider is on the move and could head towards a price tag of $4.60 to $4.80, as long as it maintains its support around $2.50, and finally said:
Since PYTH and LINK have shown tremendous momentum, Oracles are starting to move. As we can see in the latest update, API3 is also waking up. I think a rise to $4.60-$4.80 is possible as long as it stays above $2.50.