A widely followed crypto analyst predicts that an Ethereum (ETH) competitor is preparing for a massive breakout.
Cryptocurrency trader Michaël van de Poppe tells his 725,300 followers on social media platform X that NEAR Protocol (NEAR) could increase by 275% from its current value within six months.
“Markets are preparing for a reversal. NEAR has retested a crucial support area and looks likely to hold from there. As long as $2.75 to $3.40 holds, I suspect we’ll see $15 in the next three to six months.”
NEAR is trading at $4 at the time of writing, down 1.3% in the last 24 hours.
Next, the analyst suggests that Bitcoin (BTC) could soon reclaim the $60,000 area.
“Bitcoin has invalidated my bearish setup and broken above $56,000. I would like to see this scenario play out: a slight retest at $55,000-55,500, then a rally from there to $60,000-61,000 next week. This seems to be playing out well.”
At the time of writing, Bitcoin is trading at $57,390.
Finally, the analyst suggests that the cryptocurrency market correction may be over and rallies in many altcoins against Bitcoin may begin soon.
“Altcoins and Bitcoin have bottomed out. Many altcoins’ Bitcoin pairs have spiked and many technical signals show this. This is going to be great. Congratulations, you survived the pain.”
However, he warns that the ETH/BTC pair could first experience a deeper correction before rebounding.
“The worst shit show of this cycle: ETH. Bullish divergence is not validated. This is starting to look really bad, and I think we’re going to sweep the lows. If Bitcoin hits $60k-61k, ETH will drop below 0.04 BTC before there’s a chance of a reversal.”
ETH/BTC is trading at 0.04081 BTC ($2,361) at the time of writing, down more than 1% in the past 24 hours.
Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
Check price
Follow us on XFacebook and Telegram
Surf the Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies 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.
Image generated: Midjourney
