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Cryptocurrency market analyst Michael van de Poppe has indicated that one of Ethereum’s (ETH) biggest competitors, Polkadot (DOT), could more than double its price from the current level.
Opportunity Phase in DOT
Van de Poppe highlighted that the correction in the cryptocurrency markets offers many opportunities, one of which is Polkadot (DOT). According to the widely followed analyst, Polkadot could rise to $17, which is an approximate 164% increase from its current level. According to Van de Poppe’s chart, the analyst suggests that DOT is facing “a critical resistance” at around $9.39 after retesting the support level between $5.50 and $6.00. Polkadot was trading at $6.45 at the time this article was written.
Following Polkadot (DOT), Van de Poppe addressed Bitcoin (BTC), the leading cryptocurrency. According to the expert, BTC is moving towards the final stages of the correction. The well-known crypto analyst suggests that Bitcoin should be in a low range between $36,000 and $39,000.
Correction Process in Altcoins
Additionally, according to Michael Van de Poppe’s chart, the highest level of the range is just above the last reached level in December 2021, which was $51,200. Bitcoin was trading at $39,890 when the article was penned. Turning to altcoins, Van de Poppe suggests that there is an opportunity amidst the negative sentiment and double-digit correction, stating the following:
Altcoins are entering a 30% – 50% correction. After the approval of spot Bitcoin exchange-traded funds (ETFs), people begin to lose faith. Negative news comes to the forefront. It’s time to load up on positions. This is a great and probably the last opportunity to get in.
Crypto analyst Michael van de Poppe notes that Polkadot could rise 164% to $17 while highlighting Bitcoin’s correction and opportunities in altcoins.
