Popular crypto analyst and trader Michaël van de Poppe says bitcoin is reaching a pivotal price juncture.
According to Poppe, bitcoin has entered a critical position on the trading charts, with the asset needing to stay above $22,300 in the short-term. Poppe said BTC could be en route to another all-time high after smashing the previous ATH established in late 2017.
He explained,
The area to watch is the zone around $22,300. If that holds, we might be getting an all-time high during this year, and then we’re going to look at this range around $25,600.
Poppe also updated followers on ethereum’s performance against bitcoin, using the ETH/BTC trading pair as a general indicator for altcoin performance.
He continued,
I’m waiting to see either ETH/BTC bounces up while Bitcoin corrects against USD which indicates that altcoins have strength and money goes towards altcoins. Or ETH/BTC to bounce heavily when BTC is done correcting.
Poppe, as the Daily Hodl reports, noted that altcoins tend to drop faster following bitcoin corrections, making him wary of any short-term price pullbacks.
The popular trader predicted that ethereum was due for a retracement, with a fall to a higher low occurring around $450 or $500.
He said,
What we see here is a potential top or temporary top to occur, which means that we are most likely going to see for that higher low […] So the likelihood of going towards around $450 and $500 on ETH is still there.
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