Cryptanalyst and trader Micheal Van De Poppe says Bitcoin’s bearish trend move could affect altcoins’ growth.
In a live stream on his YouTube channel Crypto Micheal, he talks about Bitcoin’s current bull run and its future development. He has been watching whether or not the bull run can bring the price up to the $ 58,000 level.
If the price cannot reach this level, it doubts that it could fall significantly, which is why it is necessary to hold a support level at $ 55,100.
“You can point to the high of $ 58,000. If that doesn’t really work and support comes back, I assume that we will move further down. “
Just in case the Bitcoin price drops below this mark, it will be difficult for the altcoins, which have been booming lately, to put them at risk.
The altcoins he mentions are Chiliz (CHZ), Enjin (ENJ) and Theta (THETA).
“If $ 55,000 doesn’t provide support, I think the general dynamics we just saw with altcoins with Chiliz (CHZ), Enjin (ENJ), Theta (THETA) – all of these coins will have a very painful correction. And a painful correction would mean they can lower it by 50% to 60%. “
Later, he says, after BTC exits its corrective phase, it will grind up and break through all levels of resistance, and during that time the altcoins could be booming and outperforming Bitcoin.
“… and I still assume that the entire summer, starting after this correction, if this is a correction until June July, will generally be time for altcoins.” he says.
In the long term, however, the analyst remains optimistic about the markets. He believes Bitcoin’s recent price correction has been a gratifying correction and the bull run will progress well.