The analyst has updated his outlook on this altcoin rival Cardano and Phantom. He commented on the price for Bitcoin.
Analyst updates altcoin outlook
A widely followed crypto analyst is updating his outlook on Bitcoin (BTC), Cardano (ADA) and Ethereum (ETH) rival Fantom (FTM) after the Federal Reserve hiked interest rates by a quarter point. Crypto strategist Michaël van de Poppe spoke to 163,000 Youtube subscribers in a new strategy session video.
If Bitcoin fails to hold the key $23,000 support level, the king says the cryptocurrency will likely fall by about 10% more than its current value. cryptocoin.comAccording to data, Bitcoin is traded at $ 23,530.
Van de Poppe also tells his 646,600 Twitter followers that Cardano is not showing positive strength. If there is a correction, it would set a lower support level at $0.35. However, Cardano says that if it can turn $0.42 to support, it will seek an exit up to $0.50. Finally, he says that Phantom is approaching the higher timeframe resistance at $0.66 and it could drop to $0.50 before surging again.
Analyst warns altcoins
A popular cryptocurrency analyst is urging to be cautious with altcoins amid a Bitcoin (BTC) rally of over 40% year-to-date. Using the example of the Ethereum(ETH)/Bitcoin pair, which is currently on a strong downward trend, the pseudonymous crypto analyst Kaleo is telling his 561,500 Twitter followers to be “careful” about altcoins. According to Kaleo, Bitcoin is likely to outperform altcoins as it is the crypto asset of choice during bear market rallies.
Based on the ETH/BTC chart above, Kaleo seems to suggest that when paired with Bitcoin, Ethereum will drop from around 0.07 BTC to roughly 0.051-0.047 BTC, a drop of around 31.72%. Ethereum is trading for 0.07030244 BTC or $1,656 at the time of writing. Kaleo previously said that Ethereum typically sets the trend for altcoins.
Returning to the price of Bitcoin against the US Dollar, Kaleo says the next move of the flagship crypto asset will be a strong bullish one that will not face any resistance until BTC rises above $28,000.
New roadmap from the analyst
A crypto analyst who re-entered the market in November is mapping the way forward for Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Starting with Bitcoin, alias analyst DonAlt tells his 47,000 YouTube subscribers that the upside target for the flagship cryptocurrency is $34,000 and the downside target is $19,000. According to DonAlt, if Bitcoin closes below $20,700 several times, it invalidates the bullish thesis.
According to DonAlt, ETH/BTC’s last hit in 2018, reaching highs of 0.12 BTC, could mark the end of the current or next crypto rally. The analyst says his preferred trajectory for LTC for the altcoin is to pull back after rallying at least 30% and go higher before halving.
