A widely followed crypto analyst says Bitcoin (BTC) and two Ethereum (ETH) competitors are due for relief bounces.
Trader Michaël van de Poppe tells his 613,300 Twitter followers that BTC is ready for an approximately 8% rebound from current levels.
“Bitcoin ready for $23,000.”
Bitcoin is trading for $21,275 at time of writing, up 3.4% from 24 hours ago.
The crypto trader then moves on to a pair of Ethereum rivals, predicting bounces for both.
Van de Poppe breaks down Cardano (ADA), the eighth largest crypto by market cap at time of writing. With Cardano currently trading at $0.50, the analyst predicts a 20% boost incoming.
“ADA couldn’t break through resistance in one-go and retested the lower boundaries for a support zone.
Bounced from that area and currently fighting resistance, expecting a breakout taking place, resulting into continuation towards $0.60.”
Breaking down smart contract platform Fantom (FTM), Van de Poppe says the movements of fellow-ETH rival Avalanche (AVAX), ETH layer-2 scaling solution Polygon (MATIC), and leading crypto by market cap BTC all point to upwards movement for FTM.
“Might be a good scalp long here on FTM targeting $0.32 range.
Good [support/resistance] flip and markets are looking ready for continuation.
Of course, depending on BTC, but the movements on AVAX and MATIC signal continuation.”
Fantom is trading for $0.27 at time of writing, down 18% from Van de Poppe’s target price of $0.32.
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