Veteran analysts such as Michaël van de Poppe and Justin Bennett say that the cryptocurrency market will explode after overcoming some problems. According to experts, Ethereum rivals could be the pioneer of the rally.
Van de Poppe expects epic surge in this Ethereum rival cryptocurrency
The widely followed analyst said he is ready to rise for Phantom, one of the strongest Ethereum competitors. In his recent tweets, Poppe noted that the Phantom posted a strong gain this week before pulling back. According to the analyst, it will be critical for the bulls to hold the support between $0.22 and $0.24 before pushing the price towards $0.50. Analyst with 642,900 followers reveals a new scenario towards the new year:
We saw a very strong move in FTM last week. Our return to $0.26 is a good sign. There will probably be a correction at some point to $0.24 and $0.22, but it wouldn’t surprise me if it hits $0.40-0.50 in a week or two.
Van de Poppe then took a look at the graph of Ethereum scaling solution Polygon (MATIC). He said the price action will likely end with a test of the $1.30 resistance. The analyst expects to rally to this level for MATIC, which is currently trading below $1. In his own words:
MATIC has been showing strength lately. You will be looking for a position at $0.84. Also, I expect it to continue towards $1 and higher in the next few weeks. This potentially retests $1.30.
The analyst recently stated that Litecoin has outperformed other cryptocurrencies. He said that it is moving strongly as LTC has passed a critical resistance. Poppe predicts that the LTC price could now rise to $96. However, he adds that it should find support at key price levels along the way:
The first scenario for LTC is a position based on the $71 level and it is generally filled. You would also like to see a retest at $72, preferably towards the $100 region, where a long continuation could be activated.
Justin Bennett says Litecoin is better than the leading cryptocurrency
Another well-known crypto analyst expressed his positive views towards Litecoin (LTC). Bennett says he is optimistic about Litecoin and expects it to outperform even Bitcoin. According to the analyst, LTC will remain low at around $30 as support and $465 as resistance zone through 2023, a pattern it exhibited in 2022. In some of his current analysis, he writes:
I am optimistic about LTC in the short term, especially towards BTC, but there is no reason to think that this will not happen again in 2023.
Justin Bennett then turned to Ethereum, predicting it would fall after reaching highs. He also said that it will reflect the price action of the past month. The analyst predicts that in the short term, Ethereum price will trade within the ascending channel below. Accordingly, ETH price will gain momentum from the resistance level of the channel.
Mike Novogratz says he expects 28x price increase for Bitcoin
Galaxy Digital CEO predicts a meteoric rise for Bitcoin that could take it to never-before-seen heights. Reminding that he predicts that Bitcoin will reach $ 500,000 by 2025, Novogratz states in a new Bloomberg interview that he believes that BTC can still reach its huge price target, but that it will take more time than he initially expected as macroeconomic conditions change.
cryptocoin.comAs you follow, Mike Novogratz said that he would produce new vehicles for the market by incorporating GK8, a platform bought by the bankrupt Celsius.
According to Novogratz, cryptocurrencies will rally after the industry strengthens after the loss caused by the collapse of firms like lending platforms BlockFi and Celsius, as well as crypto hedge fund Three Arrows Capital. In an interview with Bloomberg, he noted:
The reason Bitcoin dropped from $69,000 to $20,000 is because Fed Chairman Powell decided to find central banking superpowers and curb inflation… That’s the main reason crypto fell… Three Arrows, BlockFi, Celsius and all those companies that were mismanaged or fraudulently managed. undermines general confidence in crypto. But this too shall pass. They will be thrown into the dustbin of history. The market itself will emerge stronger by learning lessons. You will see the prices come back.
