The closely-followed crypto trader and analyst Michaël van de Poppe says Ethereum (ETH) and Cardano (ADA) are waiting for a signal before launching huge breakouts.
In a series of tweets, Van de Poppe tells his 335,000 followers that despite the less than ideal appearance of the crypto markets, Altcoins are still in a consolidation phase versus Bitcoin (BTC).
The trader says that once Bitcoin can finally bottom out, Ethereum (ETH) and Cardano (ADA) will rise to new highs by 2021.
“Still, altcoins do well against BTC. Just consolidate.
ETH and ADA are knocking on the doors of the annual highs and want the breakthrough.
I think they will once Bitcoin bottomed out. “
According to Van de Poppe, ADA / BTC is trying to target a new year high somewhere in the 0.000062 area, which would translate into a potential gain of 34.7% from the current price of 0.000046.
“Cardano doesn’t care and is ready for new annual highs for the Bitcoin pair.”
The analyst has also turned his radar on another altcoin that is showing signs of life. In a tweet, Van de Poppe says Tezos is finding support on the crucial moving averages (MAs) versus Bitcoin (XTZ / BTC) as it prepares for the next leg of its bull run.
“Tezos is holding the 100-day and 200-day MAs here, which looks like we have a continuation of the bull cycle.”
The trader adds that the mood in the broader crypto markets is clearly looking grim. However, in his opinion, this could be a bullish signal.
“The mood is returning to the burial state.
Let’s see how this mood will be in a month. “
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Selected image: Shutterstock / Art Furnace