Top crypto analyst Michaël van de Poppe says that altcoin prices could surge by up to 200% as Bitcoin (BTC) and many other crypto assets rally.
Van de Poppe tells his 619,600 Twitter followers that investors could see big returns for tokens such as Avalanche (AVAX), Solana (SOL) and Chainlink (LINK).
“The entire market looks ready to continue moving heavily. Many altcoins & Bitcoin breaking above 50-Day Moving Average. Bitcoin breaking above 200-Week Moving Average. Looks to me to see a continuation on those altcoins for 100-200%.”
The trader says that AVAX could hit $41 from its current price of $24.34.
“Altcoins are ready to run another 100-200% from here.
An example, AVAX is shown here:
- Broke above 50-Day MA earlier, retest confirms buying pressure.
- Acceleration happening above $26 with all previous highs.
- 1D Bullish Divergence
He says that Solana, which currently trades at $43.31, could surge to $84, an increase of nearly 94%.
“An altcoin that could continue here, that’s SOL.
- Holding above 50-Day MA.
- Constant higher lows pushing up buyers’ pressure.
- Attacking $26 grants acceleration.
Van de Poppe says that it is also a good time to buy Chainlink as the blockchain oracle network still trades at $7.20.
“Chainlink looks primed for a good breakout. The USD and BTC pairs look to be in accumulation as months of sideways action are taking place. That’s where you invest. I still believe $6-8 for LINK is a lifetime chance.”
The prices of crypto assets rose following the US Federal Reserve’s policy meeting on Wednesday and Fed Chair Jerome Powell’s announcement of dovish interest rate hikes in the future.
At time of writing, Bitcoin is trading for $23,916, up by 4.72% over the past 24 hours. Ethereum (ETH) also increased by 7.4% during the same time frame, trading for $1,740.
“Ethereum $1,700 and Bitcoin $23,600. Summer relief rally on fire. Long your longs!”