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Crypto Analyst Predicts Bitcoin Build-Up Before Breakout, Updates Outlook on Two Altcoins

April 12, 2024

A widely followed crypto analyst says Bitcoin (BTC) is busy accumulating for another breakout.

Crypto trader Michaël van de Poppe tells his 711,500 followers on the social media platform X that gold and BTC are on their way to new all-time highs (ATHs).

“Bitcoin looks like it wants to build up before another breakout.

Gold continues the rally towards new ATHs as well.”

BTC is worth $69,383 at time of writing, up 1.6% in the last week.

Looking at Polkadot (DOT) trading against BTC, Van de Poppe says he will be adding the interoperability chain to his portfolio soon.

“There we go, DOT reached a cycle low on the BTC valuation due to the strength of Bitcoin.

Rotation is near, fundamental progress is there, I’m glad to be adding this to my personal portfolio.”

DOT is worth $8.14 (0.00012 BTC) at time of writing, down 2.3% in the last seven days.

Finally, Van de Poppe looks at Synthetix (SNX), a decentralized finance (DeFi) crypto that allows synthetic asset creation on Ethereum (ETH). According to the analyst, SNX has little to no momentum right now when trading against BTC.

“Downwards momentum and continuation here, through which a break back above 6000 satoshis would mean that there’s a lot of strength involved.

Not too much momentum here, firstly ETH needs to rotate and then these will return too.”

SNX is worth $3.69 (0.000053 BTC) at time of writing, down 4.2% on the day.

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 losses 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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