A closely followed crypto analyst believes that the altcoin bull market is only just beginning, as Bitcoin (BTC) could soon reach new all-time highs.
In a new strategy session, crypto trader Michaël van de Poppe told his 751,300 followers on social media platform he can hold $97,844 as support.
“The crucial level is still set at BTC. If markets remain above this zone, it is likely that we will reach new all-time highs in the coming days.
Bitcoin is trading at $101,875 at the time of writing, down 2% from its all-time high of around $103,700.
Next, the analyst says the crypto market remains strong and he remains bullish on altcoins like Layer 1 (L1) protocol Near (NEAR).
“We go up and move forward. The markets look great. NEAR has seen an occasional correction and likely continues the uptrend from here.
Looking at his chart, the trader suggests that NEAR could reach almost $15 within three months.
NEAR is trading at $7.12 at the time of writing, up 4.3% in the last 24 hours.
The trader also indicates that the TOTAL3 chart appears to be about to break out on the weekly time frame against Bitcoin (TOTAL3/BTC). The TOTAL3 chart tracks the market capitalization of all crypto assets, excluding Bitcoin, Ethereum (ETH), and stablecoins.
“Altcoin market cap divided by Bitcoin still shows the largest bullish divergence in existence. This altcoin bull market is far from over.
A bullish divergence, which suggests that the price will begin to rise, occurs when asset prices make lower lows while indicators, such as the Relative Strength Index (RSI), an oscillator indicator of dynamic, experiencing higher lows.
Finally, he says altcoins like Polygon (POL) rival Optimism (OP) are poised to take another step ahead after the retracement.
“I am not interested in taking profits at this stage. I want to do this higher, but my invalidation levels will increase. For OP, I’d like to see it stay above $1.80. If this happens, we will host a party for $4 minimum in the upcoming period.
OP is trading at $2.59 at the time of writing, up 11.3% in the last 24 hours.
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check Price Action
Follow us on XFacebook and Telegram
Surf the daily Hodl mix
& nbsp
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/issaro prakalung
