Prominent crypto strategist and trader Michaël van de Poppe says Bitcoin is gearing up for a run to $40,000 as it continues to register new all-time highs.
In a new tweet, Van de Poppe tells his 91,700 followers that BTC can post gains of over 50% as it trades around $27,000.
“Bitcoin breaking upwards even more as it’s approaching my second Fibonacci point of interest around $25,800.
The higher we go, the higher the next impulse move will bring us. If $25,800 is this temporary top, next impulse could bring BTC towards $40,000+.”
The trader also points out why the current BTC bull cycle is different from the one it had three years ago.
“Bitcoin above $26,000 while the retail hype is not even close to the previous all-time high at $19,700 in 2017. Bull market.”
Although Van de Poppe is bullish on the leading cryptocurrency, he issues a warning to his followers that BTC can ignite a strong move down.
“Vertical moves often end in a swift correction (remember Summer ’19)? Those swift corrections are made for the establishment of a sideways range. Don’t get chopped out of a correction. The bull market will last for a longer period. Have a longer horizon.”
As for altcoins, Van de Poppe says that it is only a matter of time before market participants rotate their BTC profits into other digital assets. The trader highlights that altcoins are currently establishing a bottom in preparation for a big move early next year.
“I’m expecting altcoins Q1 2021. Bottoming in this period.”
The widely-followed crypto strategist is keeping a close watch on two altcoins in particular. He believes VeChain (VET) is primed to perform well against BTC and the US dollar.
While $BTC is shining at this point, some altcoins are already waking up.
More to follow. pic.twitter.com/6rugzF8EX1
— Michaël van de Poppe (@CryptoMichNL) December 26, 2020
Looking at Zilliqa (ZIL), the trader says he’s waiting for a pullback before it skyrockets above $0.23 and records a new all-time high (ATH).
“Zilliqa reached the second target zone for this impulse wave. A run of 300%+ and a very bullish outlook for this one for 2021. Points of interest: $0.035 and $0.048. The next impulse wave will most likely bring a new ATH for this one.”
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