BTC saw a drop below its support at $30K, today it is hovering around the range of $29K-$29.5K, rising many doubts. Still, the speculations are high due to positive developments in the crypto space, as well as the possible resurrection of Bitcoin, suggesting that the recent price stagnation in altcoins may soon be a thing of the past.
Not worrying about the short decline, renowned crypto strategist Michal van de Poppe offers new insights into how altcoins could regain their positive momentum. Let’s find out his best bet in the Altcoin Season.
Bitcoin Market Analysis
Van De Poppe, in a recent post on Platform X, discussed the altcoin thesis, which holds that a rally is possible if Bitcoin, the market leader, trades at $29,351, and drops below the psychological level of $30,000. His prediction, that Bitcoin might “sweep the lows” before recovering to the $30,000 mark, is noteworthy. Such a shift might provide the alternative cryptocurrency market a much-needed hit, leading to a period of heightened momentum.
Having a detailed game plan for Bitcoin, Van De Poppe has high hopes for other Altcoins as well. Like Cosmos & Chainlink which is the hot pick of the season. But Here’s the catch!
Cosmos (ATOM) – Entry Point will be $8
One of the standout altcoins under Van de Poppe’s radar is Cosmos (ATOM), an interoperable blockchain platform. Giving a realistic scenario, he laid down two promising accumulation scenarios for ATOM.
“This is pretty simple. I’m interested above $10.50”. He said he will be interested in the altcoin if and ever it maintains above $10.50. While, additionally he identifies a key support level at $8, making it an attractive entry point for long-term holders. The reaction of the market at these key levels may determine the future direction of ATOM’s share price. Atom is presently priced at $9.01. Cosmos’ all-time high is $44.70.
Chainlink (LINK)- A Trend Reversal on Cards?
Next, we have Chainlink (LINK), a decentralized oracle network that has garnered a lot of interest among alternative cryptocurrencies. Despite the fact that LINK/BTC has been on a downward trend against Bitcoin since May 2021, Van de Poppe in his youtube video points to a key mark at 0.00023 BTC (about $6.73).
If LINK can maintain its current price above this pivot point, it could signify a potential trend reversal. For investors, this means there’s a chance the price will keep rising, maybe even reaching the 0.0003950 BTC high end of the range. The price per LINK as of now is $7.65.