A widely-held crypto strategist believes Bitcoin (BTC) is gearing up for a major rally next year.
Analyst Michael van de Poppe told his 642,700 Twitter followers that Bitcoin will make a big move toward its targets of $42,313 and $50,324 by June 2023, based on key Fibonacci levels. He says he expects it to happen.
“Bitcoin’s Q2 2023 Relief Rally Target.”
At the time of writing, Bitcoin is trading at $17,321, up 1.63% for the day.
Van de Poppe has been keeping an eye on Ethereum (ETH) and is likely poised for a continuation of the bullish run after taking resistance at $1,200, he said.
“Ethereum did not hit target price and did not hit the optimal entry zone if you were looking long. Still waiting for a continuation that seems likely after this breakout.”
At the time of writing, Ethereum is trading at $1,290, up 2.45% over the past 24 hours.
Next is Cosmos (ATOM). It’s a blockchain ecosystem designed to scale and communicate with each other. According to Van de Poppe, Cosmos looks good for a bullish continuation as long as it trades above $10.
“This looks a bit in the middle. Good resistance to support a reversal and $9.40 recovery, but no more strength. Prefer to hold around $10 for continuation, then $12.25. Consider.”
At the time of writing, ATOM is trading at $10.41, up 3.38%.
The last coin on Trader’s Radar is Ethereum Name Service (ENS). This is a project aimed at allowing users to create personalized domain names for their crypto addresses. According to Van de Poppe, the ENS looks good for a move up after he converts resistance near $13 to support.
“Breakout of $13 and now resistance supporting a reversal. We target $15.40 and $17 as they are most likely to lead to continuation.”
At the time of writing, ENS is worth $14.54, up 3% over the last 24 hours.
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/eliahinsomnia