A widely followed cryptocurrency analyst dives into the cryptocurrency markets, as Bitcoin (BTC) and altcoins plateau and see “massive liquidations.”
Cryptocurrency trader Michael van de Poppe Tells His 680,800 followers on social media platform
“Huge liquidations today, the largest for altcoins in the past two years.
It's unlikely to happen again tomorrow or the day after, but it shows some important concepts;
– Avoid excessive risk taking with leverage.
– Get low limit quotes at all times.
– be patient.”
Looking specifically at the Chainlink (LINK) altcoin, Van de Poppe He says The blockchain oracle is unlikely to decline much further.
“During yesterday’s altcoin liquidation series, entry points on LINK were hit.
It is always best to remain patient. If you do, you will be rewarded, likewise with this.
I don't think Chainlink will go any deeper; As a matter of fact, I think we are going to go higher.
Take a peek at the top altcoin Ethereum (ETH), Trader Believes The smart contract platform still has more to fall when trading against Bitcoin.
“Ethereum is still keen to find a bottom in the BTC pair.
This means that before the halving, we will likely trade from strength in BTC to strength in Ethereum.”
Meanwhile, the analyst He says BTC is likely to be consolidated while the world waits for the approval or disapproval of a BTC exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).
“Bitcoin is still awaiting potential approval of the Spot Bitcoin ETF.
I stand behind my thesis that we are consolidating within the $38-50K range.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note 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 purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Danielle Jay/Andy Chipos
