A crypto analyst who has gained a large following of fellow traders in 2020 says one of the year’s best-performing assets appears to be gearing up for a second act.
Michaël van de Poppe tells his 88,000 Twitter followers that traders should be patient as Bitcoin continues to search for a local bottom.
He’s looking for BTC to hold onto a critical zone of support in the $18,500 to $18,700 range.
“If momentum slightly starts to shift downwards, there’s no need to overly rush in to long positions. Chances will come, being patient will pay off.”
If Bitcoin breaks below that level, van de Poppe says $17,700 is the next area of support.
Once BTC finds a local bottom and the market recovers, the analyst says he’s looking at Ocean Protocol (OCEAN) as one of the best in the altcoin space. The big data blockchain project catapulted from a low of $0.02 this year to a high of $0.74 – a 3,600% increase.
Van de Poppe says the coin has already approached a potential buy zone as Bitcoin’s correction pulls the altcoin market at large along with it.
“We’re arriving there. Still on point since that rejection at 3900 sats. Price is down 50% at this point and providing some tremendous opportunities in the near future.”
The strategist says Elrong (EGLD) is another altcoin he’s tracking closely. The project is designed to utilize sharding to power extremely fast and cheap transactions.
Elrond hit a 2020 bottom of $6.93 in October and has rallied amid news of a partnership with the decentralized finance (DeFi) liquidity aggregator Orion Protocol.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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