The crypto analyst and trader Micheal Van De Poppe says Bitcoin’s bearish trend move could affect the growth of altcoins.
In a live stream on his Youtube Channel Crypto Micheal, he speaks of Bitcoin’s current bull run and its future trajectory. He has been watching if the bull run can pull up the price to the $58K level or not.
If the price can’t reach that level, he doubts it could tumble down majorly, hence it is necessary to hold a support level at the $55,100 mark.
“ you can point towards the $58000 high. If that cant really breaks and become support again, I’m assuming we’re going to have a further downwards move”.
Just in case, Bitcoin price falls below that mark, it is going to be hard for the altcoins that boomed recently exposing them to risk.
The altcoins he mentions are Chiliz(CHZ), Enjin(ENJ), and Theta(THETA).
“If $55000 does not provide support, I think the overall momentum that we just saw on altcoins with Chiliz(CHZ), Enjin(ENJ), Theta(THETA)- All those coins are going to have a very painful correction. And a painful correction would mean that they can slam them down 50% to 60%.”
Later on, he says after BTC gets out of its correction phase, it will grind up and breakthrough all the resistance levels, and in this period the Altcoins could boom, outperforming Bitcoin.
“… and I still assume, that the entire summer, starting from after this correction, if this is a correction until like June July is period for altcoins generally,” he says.
However, in the long run, the analyst stays bullish on the markets. He opines the recent price correction of bitcoin was a happy correction and the bull run will move forward well.