A closely watched crypto analyst says an altcoin that has posted massive gains over the past year is poised to continue its rise.
In a new thread, crypto strategist Michaël van de Poppe tells its 722,300 followers on social media platform
“OM has achieved a new ATH (all-time high)! Recently confirmed breakout as expected and with almost 30% gain since last post. I expect OM to do better in the near future, given that the markets are rotating and that RWA (real world assets) is becoming a big story.”
Earlier this week Mantra made a $500 million RWA deal with UAE developer MAG. OM is trading at $1.29 at the time of writing, up fractionally on the day. In August last year, OM was valued at $0.018.
Switching to the crypto king, Van de Poppe says that as long as Bitcoin (BTC) can continue to exist above the $60,000 price point should continue to see growth.
“Bitcoin is consolidating nicely within the four-month range. As long as the price remains above $60,000, the price will most likely continue to rise. Gold has reached a new record level, yields are falling. It’s only a matter of time before Bitcoin picks up again.”
The analyst then investigates The pace of miners’ capitulation and the decline in Bitcoin’s hashrate – a metric that tracks declines in the relative computing power of BTC’s Blockchain – to conclude that the most important crypto asset, as measured by the next rise in market cap, will be the will probably reach six figures.
“At the bottom, Bitcoin miners are capitulating. The True Hashrate Drawdown at its last low on July 1 was just as HEAVY as it was during the FTX collapse. This marks a cycle low. Since the news about Mount Gox, the price has risen by 20%. The next leg will likely take Bitcoin to $110,000.”
Bitcoin is trading at $63,626 at the time of writing, down marginally over the past 24 hours.
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