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Michaël van de Poppe Predicts Quick Bounce and Rally for Altcoins, Says Larger Investors Loading Up on Bitcoin

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Analyst and trader Michaël van de Poppe is flipping bullish on digital assets following a massive crypto market correction.

Van de Poppe tells his 770,900 followers on the social media platform X that altcoins have experienced a “capitulation” as crypto assets worth billions of dollars were liquidated amid the imposition of tariffs on Canada, Mexico and China by the US.

On what to expect for the crypto market following the substantial correction, the widely followed analyst says,

“Bear markets and trends end in these types of days.

Massive, illiquid wicks to the downside.

Quick bounce upwards, and rally after.”

According to the widely followed analyst, the deep correction is reminiscent of the crypto market crash in March of 2020 when Bitcoin (BTC) fell by around 60% of its value in days amid the Covid-19 pandemic. Altcoins also plunged substantially at the time.

But after the correction, Bitcoin and crypto ignited a multi-year uptrend.

“This feels a lot like the COVID-19 Black Swan crash, as the markets have witnessed a more than 50% wipeout on altcoins.

We all know what happened after, and I think that’s the same thesis here.”

Approximately $2.27 billion worth of crypto has been liquidated over the past 24 hours, per cryptocurrency futures data platform CoinGlass.

Going forward, Van de Poppe says retail crypto investors should adopt the strategies employed by deep-pocketed investors.

“During times of panic and uncertainty, market makers and whales accumulate more from retail.

Retail investors have been selling.

Large investors have been buying.

Be like a large investor: buy Bitcoin and altcoins and hold.”

Image
Source: Michaël van de Poppe/X

Bitcoin is trading at $101,103 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency 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.

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XRP $15 Breakout? Not A Far-Fetched Idea—Analysis

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After dropping to less than $2 last March 11th, Ripple’s XRP springs back to life and it’s currently trading between $2.30 and $2.40. And with the US Securities and Exchange Commission vs Ripple case nearing its resolution, the market can expect more price volatility for this digital asset.

Within this context, market analyst Ali Martinez boldly claims that Ripple’s native coin still have the legs to hit a two-digit figure this cycle, using an extensive symmetrical triangle formation as a solid basis. 

Martinez’s view runs opposite the bearish statements from other commentators. XRP has been on a slide lately, affected by the broader crypto fall, dipping by around 25% from its $3.40 high achieved mid-January.

XRP Gradually Builds Its Symmetrical Triangle

Like most cryptos, XRP continues to have a highly volatile market performance. The token attempted a recovery early this month but met resistance, leading to a steep decline on March 11th. Interestingly, a few commentators remain bullish on the altcoin, including Martinez, who sees the token on track to reach $15.

In his latest commentary, shared via a Twitter/X posting, Martinez highlighted the seven-year symmetrical triangle formed by this asset, which dates back to January 2018, when it dropped from its $3.80 high.

Even before Martinez shared this observation, several commentators reported the triangle’s formation, suggesting that a breakout could lead to a price run.

XRP market cap currently at $137 billion. Chart: TradingView.com

The Ascending Trendline

According to Martinez, XRP formed its lower highs in January 2018, extending the descending trendline on top. As the crypto witnessed higher lows during this time frame, it extended its ascending trendline below, creating a symmetrical triangle.

Interestingly, XRP exited the symmetrical triangle structure following the November US elections. Ripple’s native token surged by 280% for the month, marking the biggest 30-day increase for the asset in seven years.

XRP price up in the last seven days. Source: Coingecko

Along with surprising traders, this breakout inspired fresh hope among XRP enthusiasts. While some experts noted that past breakouts do not automatically ensure continuous rallies, many saw this spike as evidence of possible long-term strength.

Still, the dramatic price fluctuation sparked conversations on XRP’s future, particularly in light of further government changes and more general market movements.

Ripple’s XRP is currently trading at $2.37, which is 2% up in the last seven days. 

XRP Currently Retesting A Breakout

After two months of upside, Ripple’s XRP is on a downturn, reflecting the broader crypto market sentiment. According to Martinez, XRP’s price is currently retesting the triangle chart breakout. He also suggested that even if XRP slips below $2, it’s still on track for a breakout, as long as it stays above $1. Armed with the charts, Martinez believes that XRP hitting $15 is not a far-out idea. 

Featured image from StormGain, chart from TradingView





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Layer-1 Project MultiversX Continues To Top the Crypto Gaming Sector in Terms of Development Activity: Santiment

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The layer-1 blockchain MultiversX (EGLD) continues to lead the digital asset gaming sector in the realm of development activity, according to the crypto analytics firm Santiment.

Santiment notes on the social media platform X that MultiversX, formerly known as Elrond, registered 212.17 notable GitHub events in the past 30 days.

The Ethereum (ETH)-based virtual reality platform Decentraland (MANA) ranks second, clocking 168.93 events, and the Ethereum layer-2 protocol Skale Network (SKL) is a distant third with 41.07.

MultiversX and Decentraland have occupied the number one and two spots in previous months as well, according to Santiment.

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Source: Santiment/X

Santiment notes that it doesn’t count routine updates and uses a “better methodology” to collect data for GitHub events based on a “backtested process.”

The analytics firm has previously said that heavy development activity centered around a crypto project is a positive indication that could mean that the developers believe the protocol will be successful. It also indicates that the project is less likely to be an exit scam.

MultiversX is a distributed, proof-of-stake blockchain network that is decentralized via more than 3,500 nodes. The project aims to help developers build next-gen applications.

The project’s native token, EGLD, is trading at $18.10 at time of writing. The 139th-ranked crypto asset by market cap is up more than 3% in the past 24 hours.

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‘Be on Guard’: Trader Says Altcoin Bounce May Be Temporary, Tracks Bitcoin’s Next Targets

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A widely followed crypto analyst and trader is warning that an altcoin market bounce may end up being short-lived.

In a new post, pseudonymous crypto trader Altcoin Sherpa tells his 243,900 followers on the social media platform X that alts may give up gains after bouncing based on historical precedence.

He also says Bitcoin (BTC) may soon flip $84,000 into support and that the flagship crypto asset could maintain bullish momentum by breaking through the $89,000 level.

“BTC looks like $84,000 is the first test that is going to break (to the upside) and we’re ok in that department. $89,000 would be my next level of interest overall. Alts looking like they’ll give a temporary bounce but not sure how strong (yet). Be on guard.”

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Source: Altcoin Sherpa/X

Looking at his chart, the analyst suggests that if Bitcoin can regain $98,703 as support, the flagship crypto asset may print new all-time highs.

However, he warns if $78,167 breaks down as support, Bitcoin may plummet into the $60,000 range.

Bitcoin is trading for $84,154 at time of writing, up 4.6% in the last 24 hours.

The analyst also warns that altcoins like the dogwifhat (WIF) memecoin may struggle for a long time to ever regain higher price targets if Bitcoin turns bearish.

“It’s a lot more concerning for sh**coins this go around because BTC might actually be dead for a bit. In the previous drawdown, we had a lot more hope because we assumed BTC still had more upside. If BTC dies to $50,000 or w/e (whatever), these aren’t coming back for a very long time. See WIF.”

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Source: Altcoin Sherpa/X

WIF is trading for $0.50 at time of writing, up 9.7% in the last 24 hours.

He adds that altcoins may bounce even as they continue to print a bearish lower-high price structure.

“As much as everything is dead and we’re truly in a bear market for altcoins, it’s important to remember that a bounce will come and alts can still do a few x from current levels. Markets don’t move in a straight line down. Bounce coming within the next one to two months in my opinion.”

He shares the two-day chart of Ethereum (ETH) to illustrate the historical precedence of an altcoin bouncing amid a larger downtrend.

Image
Source: Altcoin Sherpa/X

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency 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.

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