•The market is currently in correction mode due to Bitcoin’s failure to cross the $25,000 barrier. Altcoins have seen greater losses than Bitcoin.
•Michael van de Poppe suggests that the market trend is still upward but consolidation is necessary for further progress.
•He recommends buying Altcoins at a discount, with Chainlink (LINK) being bought at $7.25, Ethereum (ETH) being bought at $1600 and Conflux (CFX) shorted at 33.5 cents and Fantom (FTM) longed at 48 cents.
Altcoins in Correction Mode
The crypto market has recently experienced a correction phase due to Bitcoin’s failure to break through the $25,000 resistance level. This has resulted in altcoins seeing greater losses than Bitcoin itself.
Analysis of Market Indicators
Prominent crypto analyst Michael van de Poppe suggests that the overall trend of the market is still upward despite this slight dip as Bitcoin has risen from $16K to $25K within a few weeks; however, he believes that consolidation is necessary before any further progress can be made and sees potential entry points for altcoins such as Chainlink (LINK), Ethereum (ETH), Conflux (CFX), and Fantom (FTM).
Consolidation Necessary
Van de Poppe recommends consolidating by retesting the support levels of $22.4k or correcting back down to an entry point of between $23-6k and 23-2k for Bitcoin. He also suggests buying altcoins at discounted prices with Chainlink being bought around $7.25, Ethereum around 1600$, Conflux shorted at 33.5 cents and Fantom longed 48 cents .
Bear Market Not Likely
While this healthy correction may seem like it could lead into a bear market, Van de Poppe suggests that it is not likely as long as the markets remain within its build up range and there remains potential for further upwards momentum if consolidation happens successfully after these dips.
Invest Wisely
As always when investing into cryptocurrency or any other asset class make sure you stay up-to-date with all news and analysis before making decisions on investments!