A widely followed crypto analyst believes one under-the-radar altcoin is on the verge of a massive breakout.
Crypto trader Michaël van de Poppe tells his 722,400 followers on the social media platform X that the Omni Network (OMNI), which aims to integrate Ethereum’s (ETH) rollup ecosystem into a single, unified network, could soon soar more than 16% from the current value and keep heading higher.
“I’m heavily interested in newer coins, especially Binance listed ones. OMNI is one of those, which is on the verge of a big breakout upwards. Needs to break through $16, but, first and foremost, needs to hold above $12.50 as support.”
OMNI is trading for $13.70 at time of writing, up nearly 3% in the last 24 hours.
Next up, the analyst says Bitcoin (BTC) is likely in an uptrend and could revisit all-time highs (ATHs) around $73,000 after a period of consolidation. He also believes Bitcoin could get a boost from the expected approval of spot ETH exchange-traded funds (ETFs).
“Bitcoin is back in the range. Likely we’ll see a continuation from here towards the all-time high. I think we’ll consolidate some more and start to see substantial strength coming from ETH after the listing of the ETF.”
The analyst also shares a chart that shows retail investor demand is the lowest in about three years – below 15% during the last 30 days – suggesting demand from this investor class will soon reverse and send Bitcoin soaring.
“This is a great chart and visualizes the current sentiment. The gap between Web 2.0 institutional interest and Web 3.0 sentiment hasn’t been bigger than this. It’s the lowest point in years on the demand side. It will turn around for Bitcoin. This is the time.”
Bitcoin is trading for $66,852 at time of writing, up 5% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
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.
Generated Image: DALLE3
Credit: Source link
