For nearly two weeks, Bitcoin’s price has been stuck in a narrow range with no substantial price movement, but a price drop below $37,000 might complicate a relief recovery.
The only constants in the crypto industry are uncertainty and volatility. Bulls took a back seat once again as the main crypto-asset – bitcoin (BTC) – fell below the important $37,000 level, while bearish seemed to cheer.
Following a lengthy crypto market slump, popular crypto analyst and trader Michael van de Poppe is setting out his expectations for four altcoins.
Van de Poppe tells his 165,000 YouTube followers in a new strategy session that looking at previous cycles can be a good indicator of what’s coming up.
The analyst begins by reviewing the price history of Chainlink (LINK), a decentralized oracle network.
He said earlier that we had a large run previously and then a long-term accumulation before we started to run back down or before we started to have another rush into Chainlink in the prior cycle.
Chainlink was one of the biggest gainers in 2019 during that time. We retest this order block [between $1.50 and $2.00] before we start running again, so there’s a big decline.
He explains that we didn’t put this level [between $1.50 and $2.00] to the test. We did during the March 2020 crash, but we didn’t test the entire block, which was clear to retest and get entries from. We don’t retest there.
According to Van de Poppe, LINK is currently trading in a similar pattern to how it was in March 2020.
Moving on to Uniswap (UNI), a decentralized crypto exchange, the chart expert observes that the altcoin has followed the path of many altcoins in the past year, with significant price spikes followed by a series of dips.
Uniswap is up 16.26% and trading at $7.84 at the time of writing.
The supply chain management blockchain VeChain (VET) is next, according to the trader, which has had a fantastic run recently.
The analyst says looking back at the last run, we had this explosion, followed by a retest of the prior high, and this complete block right.
A retest of this block leads to expansion and continuation, so if you look at the price action in and of itself, the sideways accumulation, a retest of the prior high, happened here right, so it doesn’t make sense to move lower than the actual previous high in this assumption.
“I would definitely start accumulating already and the conclusion can be said that we are down 85% and we’re getting into that interesting zone here [$0.03 to $0.04].”
Van de Poppe wraps up his altcoin deep dive with Fantom (FTM), an enterprise-grade blockchain platform where investors seeking an entry point should watch for periods of consolidation or sideways gains.
Fantom is currently trading at $0.84, up 11.51 percent.