Crypto analyst Michaël van de Poppe is watching a group of altcoins that he believes has the potential to ignite strong rallies if BTC continues to consolidate.
In his latest analysis of the crypto bellwether, Bitcoin, Van de Poppe outlines where BTC may head next if the coin’s failure to close above $16,000 triggers a healthy correction.
“Decent weekly close, but below $16,000. Levels to watch… if the market starts to correct:
As for the altcoin market, the trader says Ethereum is set for a big breakout if it can remain above $390.
“Ethereum is still acting inside resistance. It did make a nice support-resistance flip at $360, which is quite bullish. [It’s] now inside this resistance zone at $460…
If it’s not going to drop below $390, I think we’re on the way for a massive breakout toward $600 and maybe even $800.”
Van de Poppe is also keeping close tabs on VeChain (VET), which he thinks has significant upside potential as long as it holds a key level.
“Making an HL around $0.010 and I think we’ll continue towards $0.015.”
In addition, the analyst says Zilliqa (ZIL) has more room for growth after holding support of $0.15.
“Marked that green zone between $0.013-$0.155 a long time ago. Held beautifully.
Range-bound construction here. If we continue to hold here, I’m assuming we’ll attack the highs at $0.025-$0.029.”