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Cryptocurrency analyst and trader Michaël van de Poppe is leaning bullish on one top-50 altcoin by market cap while offering his insight on Bitcoin (BTC) and Ethereum (ETH).
Starting with Stacks (STX), Van de Poppe tells his 738,800 followers on the social media platform X that the native token of the Bitcoin layer-2 project could go up by approximately 109% from the current level after a consolidation phase that has taken over six months.
“The markets are waking up, meaning you should be scanning for projects ready for a breakout.
One is STX, which has been consolidating for 200+ days.
They have successfully completed the Nakamoto upgrade [a hard fork that was designed to, among others, improve the transaction speed]!
Break above $2.20 and then it should run to a new all-time high.”
STX is trading at $1.85 at time of writing, about 52% below the all-time high price of $3.86 reached in early April.
Turning to Bitcoin, the widely followed trader says that the crypto king could reach a price of between $100,000 to $120,000 over the “coming one to two months.”
“After that, the start of the altcoin season just like 2017 has been.”
Bitcoin is trading at $93,700 at time of writing.
Next up is the Ethereum/Bitcoin (ETH/BTC) pair. According to Van de Poppe, the ETH/BTC pair is likely to bottom out next month after failing to break above a key resistance level and if it continues falling further.
“ETH couldn’t flip the area at 0.036 BTC and continues to fall.
We’re waiting for support to be found. If this downtrend continues, then we’re likely seeing 0.03 BTC in December and reverse from there.”
Ethereum is trading at 0.03302 BTC ($3,094) at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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