Michaël van de Poppe, a top cryptocurrency trader and a well-known analyst with a large following on social media, has revealed he believes numerous altcoins could soon surge up to 200% as bullish signs point to further upward price movement.
In a series of tweets shared with van de Poppe’s over 619,000 followers on the microblogging platform, the analyst said that various altcoins and the flagship cryptocurrency Bitcoin ($BTC) are breaking above their 50-day moving average, with BTC also breaking above its 200-week moving average.
A moving average (MA) is one of the most commonly used types of technical indicators. It cuts out noise by generating an average price of a given asset, adjusted for a specific period.
Looking at specific cryptocurrencies, van de Poppe singled out Avalanche ($AVAX), Solana ($SOL), and Chainlink ($LINK) among others he believes could soon surge up to 200%. Addressing AVAX, the analyst said it broke through its 50-day moving average with “acceleration happening above $26 with all previous highs.”
The cryptocurrency, he said, also signaled bullish divergence, which occurs when prices fall to a new low while an oscillator does not reach a similar low. Oscillators are indicators that fluctuate around a centered line, like the moving average convergence divergence (MACD).
Looking at SOL, van de Poppe also noted it’s “holding above” its 50-day MA, and has been seeing “constant higher lows pushing up buyers’ pressure.” His targets for the cryptocurrency include the $62 and $84 marks.
The analyst also noted that Chainlink is “primed for a good breakout” with its pairs against both the USD and BTC looking “to be in accumulation as months of sideways action are taking place.” Per his words, accumulation phases are the time to invest, and he still sees LINK at $6 to $8 as a “lifetime chance.” The cryptocurrency is at the time of writing at $7.9.
Institutional investors have been betting on a cryptocurrency market recovery, with digital asset investment products seeing $27 million in inflows last week, and $343 million the prior week. Their bets have been focusing on Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA) and Solana ($SOL).
As CryptoGlobe recently reported, Bloomberg Intelligence analyst Mike McGlone has suggested that the flagship cryptocurrency Bitcoin could “outperform” other assets in the second half of the year as it moves “toward global collateral” with performance aligned to that of Treasury bonds or gold.
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