The crypto market is extremely volatile, but this is not stopping optimistic predictions from popping up in the crypto space.
Now, popular crypto trader Michaël van de Poppe is tracing the path of Bitcoin and Ethereum.
He says that Bitcoin is looking to flip $45k into solid support, and he also believes that he won’t be taking any trades as BTC is approaching the resistance zone from $47k to $49k.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $45,940.06.
He said that if BTC continues this run-up into the resistance area by the end of the day, it will probably be a fakeout, as the online publication the Daily Hodl notes.
He also said that if BTC is taking a run during the next week, this could eventually be a legit rally.
The trader also pointed out that ETH is facing resistance at $3,270, and he said that he might consider a quick trade at $3,160.
The trader said that ETH might crack through the resistance area, but this depends on the way in which BTC performs at the current stage.
Capital stored in BTC broke a new ATH
Just the other day, we were revealing the fact that Willy Woo just dropped a pretty important tweet on social media, and you can check it out below.
The capital stored in the #Bitcoin network just broke an all-time-highs.
The network has more money in it today at $47k than it did at $64k in April.
Realised Cap estimates this by summing the price paid for every coin in BTC’s circulating supply. https://t.co/a7cCbXAmXS
— Willy Woo (@woonomic) August 14, 2021
Stay tuned for more relevant news from the crypto space, and make sure to keep your eyes peeled on the markets.