Cryptocurrency analyst Michael van de Poppe says Bitcoin (BTC) faces a tough test at current levels.
Widely followed cryptocurrency trader Tells His 711,400 followers on social media platform .
“Bitcoin is facing critical resistance.
If another $71,000-72,000 test occurs and is broken, we will see another ATH pre-halving.
Altcoins are being minted in their Bitcoin pairs. “The rotation is near.”
BTC is worth $69,955 at the time of writing, up 4% in the past week.
Looking at the Injective (INJ) blockchain for decentralized finance (DeFi), Van de Poppe He says DeFi altcoins are in a good position when trading against BTC.
“INJ
If you look at the USDT pair, it is an interesting buying opportunity.
If you look at the Bitcoin pair, it is a better opportunity as it is down 55%.
It may continue to fall another 15-25%, but these are the lower buy areas you will be looking at.”
INJ is trading for $32.19 at the time of writing, down 5% in the past week.
We turn to the first layer smart contract platform Sui, the analyst He says The price of SUI is expected to fall further before it reaches the ideal price.
“but
This saw a massive upward surge in the first quarter of the year, but since February has seen a 45% correction in Bitcoin's valuation.
I expect more selling, but these are the areas that will interest this pair.”
SUI is worth $1.49 at the time of writing.
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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/Roman Segaev
