On Tuesday morning, the two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) were trading higher. The total value of the cryptocurrency market increased by 1.77 percent to $1.12 trillion. On Monday, Bitcoin (BTC) maintained its upward trend. The largest cryptocurrency by market capitalization crossed $24,000 early in the day and held that level into the afternoon.
While keeping a careful eye on one large-cap digital asset, a well-known crypto strategist is forecasting rallies for Avalanche (AVAX), a competitor of Ethereum. AVAX appears ready for a significant rally, according to Michal van de Poppe, after overcoming resistance at $26.
He said that AVAX is prepared to make a third attempt to hit the $26 levels. When that resistance is broken, all previous highs are activated for acceleration. His targets are $36 and $42 if the 50-day moving average continues to serve as support.
The decentralized oracle network Chainlink (LINK) is the next altcoin on the traders’ list, and according to Van de Poppe, it is offering enormous potential for long-term bulls.
He stated that Chainlink is getting close to $8. The BTC and USD pairs appear to be accumulating quite a bit, but he still thinks this is a once-in-a-lifetime opportunity. While it’s down 85% from the prior all-time high, it is one of the assets to stock for the next bull run.
Van de Poppe warns short-term traders that pullbacks are still possible but claims that Bitcoin still has a bullish outlook.
“Short corrections are possible, but trend is still up. Looking quite fine on the higher timeframes for Bitcoin.”
As for the BTC price, near the $24,000 mark, there is imminent resistance on the upside. Near the $24,200 region comes the next significant resistance. Closing over the $24,200 resistance level might signal the beginning of a continuous rise.
Bitcoin may begin a downward correction if it is unable to pass through the $24,000 barrier level. Near the $23,600 mark, there is the immediate support on the downside.