Is the Altcoin bull run next?
There seems to be a shift among traders happening right now. Many are moving their portfolios to altcoins in anticipation of a broad market rally early next year.
“Bitcoin has been taking the spotlight while I’m expecting a very bullish market for Ethereum and altcoins to occur in 2021… I’m allocating more money to altcoins at this point, while Bitcoin is still at $23,000.”
Van de Poppe says he’s expecting BTC to range and potentially encounter a small correction in the near-term. In that case, he expects Ethereum will also encounter one more pullback to the $450 to $490 range.
“Bitcoin is above its recent all-time high while Ether is still down about 50% from its all-time high… Ether has been breaking out of its accumulation range during this year in which we can see that that accumulation range actually flipped to support at $300. That’s a bullish outcome.
That is a likely continuation signal and we can also see that the 100-week and 200-week moving averages are below the current price. We broke through it, we flipped them and now it’s below the current price level which means we’re in a bull market…
I do believe that the Ether pair is probably due for a final correction alongside Bitcoin, which you will see correct a little and being range-bound. This means the area to watch for potential entry is still around the $450 zone. That’s the previous resistance zone that we’ve had and it could be the most likely entering point for a reference.”
The analyst notes that XRP is also well below its all-time high.
He’s expecting the digital asset to move sideways until his forecast for the next altcoin rally comes through in the first quarter of 2021.
When it comes to XRP, I think we’ll have a sideways range in which we’ll be acting.
The support is there around the $0.45 region with clear resistance around $0.69. Volatility will most likely drain away, after which next impulse comes in March/April.”
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