A widely followed crypto analyst is predicting one Ethereum (ETH) competitor is gearing up for a massive breakout.
Crypto trader Michaël van de Poppe tells his 725,300 followers on the social media platform X that NEAR Protocol (NEAR) could soar 275% from its current value within six months.
“The markets are shaping up for a reversal. NEAR has retested a crucial area for support and seems likely to hold from here. As long as $2.75-$3.40 holds, I assume we’ll see $15 in the next three to six months.”
NEAR is trading for $4 at time of writing, down 1.3% in the last 24 hours.
Next up, the analyst suggests Bitcoin (BTC) could soon reclaim the $60,000 range.
“Bitcoin did invalidate my bearish setup and broke through $56,000. I’d like to see this scenario play out: have a slight retest at $55,000-$55,500, and run up from here to $60,000-$61,000 in the coming week. It looks good.”
Bitcoin is trading for $57,390 at time of writing.
Lastly, the analyst suggests that the correction of the crypto market may be over and rallies for many altcoins against Bitcoin may begin soon.
“The bottom is in for altcoins and Bitcoin. The Bitcoin pairs of many of the altcoins have been crawling up and many technical signals show it. It’s going to be great. Congratulations, you’ve survived the pain.”
However, he warns that the ETH/BTC pair may first correct deeper before rallying.
“The ultimate shit show of this cycle: ETH. The bullish divergence isn’t validated. It’s starting to look really bad, and I think we’ll sweep the lows. If Bitcoin runs to $60,000-$61,000, ETH goes south of 0.04 BTC before there’s a chance of reversal.”
ETH/BTC is trading for 0.04081 BTC ($2,361) at time of writing, down more than 1% in the last 24 hours.
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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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