An important crypto analyst is breaking down huge altcoin liquidations, and he is also expressing a prediction about the price of Bitcoin. Check out the latest reports below.
New crypto analyses are out
A popular crypto analyst is examining the cryptocurrency markets as Bitcoin (BTC) reaches a plateau and altcoins experience significant sell-offs.
The trader, Michaël van de Poppe, has informed his 680,800 followers on the social media platform X that the past two years have seen the largest day of liquidations for altcoins.
“Massive liquidations today, the largest for Altcoins in the past two years.
Unlikely it will happen again tomorrow or the day after, but it shows a few important concepts;
– Avoid excessive risk-taking with leverage.
– Have low-limit bids at all times.
– Be patient.”
Regarding the altcoin Chainlink (LINK), Van de Poppe says the blockchain oracle is unlikely to retrace much further.
“During yesterday’s cascade of the altcoin liquidations, entry points on LINK were hit.
It’s always the best to remain patient. If you do, you’ll be rewarded, similarly with this.
I don’t think Chainlink will go much deeper; as a matter of fact, I think we’ll trend up.”
The trader is observing Ethereum, a top altcoin, and believes that the smart contract platform still has further to fall when trading against Bitcoin.
According to the trader, Ethereum is still trying to find a bottom in the BTC pair. This means that, before the halving, it is likely that we will experience a shift from strength on BTC to strength on Ethereum.
He also stated the following about a potential approval of spot BTC ETF:
“Bitcoin is still waiting for a potential approval of the Spot Bitcoin ETF.
Standing behind my thesis that we’re consolidating inside a range between $38-50K.”
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $44,169.
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