Top Analyst Forecasts Massive 2023 Bitcoin Rally, Updates Outlook on Ethereum and Cosmos
A widely followed crypto strategist believes that Bitcoin (BTC) is preparing for a massive rally next year.
Analyst Michaël van de Poppe tells his 642,700 Twitter followers that he expects Bitcoin to initiate major rallies towards his targets of $42,313 and $50,324 by June 2023 based on key Fibonacci levels.
“Q2 2023 Soldering Rally Target on Bitcoin.”
At the time of writing, Bitcoin is exchanging hands for $17,321, up 1.63% on the day.
Van de Poppe is keeping a close eye on Ethereum (ETH), which he says is likely to facilitate bullish continuation after taking out resistance at $1,200.
“Ethereum didn’t hit the target price and if I was looking for longs, I didn’t hit the optimal entry zone. Still waiting for a continuation, which seems likely after this breakout.”
At the time of writing, Ethereum is changing hands at $1,290, up 2.45% in the last 24 hours.
Next up is Cosmos (ATOM), an ecosystem of blockchains designed to scale and communicate with each other. According to Van de Poppe, Cosmos also looks good for bullish continuation as long as it trades above $10.
“This one looks a bit in the middle. Good resistance to support flip and reclaim at $9.40, but nothing strong beyond that. Prefer to hold around $10 for continuation and then I’ll look at $12.25 next.”
At the time of writing, ATOM is trading hands at $10.41, up 3.38% on the day.
The latest coin on the trader’s radar is the Ethereum Name Service (ENS), a project that aims to allow users to create personal domain names for their crypto address. According to Van de Poppe, ENS looks good for a rally after converting resistance around $13 into support.
“Break above $13 and now a resistance to support flip. Most likely leads to continuation and then I will target $15.40 and $17.”
At the time of writing, ENS is valued at $14.54, up 3% in the last 24 hours.
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