Michaël van de Poppe, a popular crypto analyst and trader, has analyzed the likely future trend of Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA).
In a new video, Van de Poppe told his teeming YouTube subscribers that he sees Bitcoin showcasing a bullish momentum that will take out one of its most challenging resistances for further growth.
Michaël van de Poppe noted:
“Through which breaking above this range [$42,000] is going to guarantee further upwards momentum.”
Meanwhile, Bitcoin has since broken above the resistance. At the time of filing this report, BTC is trading at $44,375.42, with a 2.29% price increase in the last 24 hours, according to CoinMarketCap.
As for Ethereum (ETH), the top trader stated that he expects a slight cool-off following a rally attributed to the widely publicized implementation of EIP-1559:
“But at this stage, we are potentially creating a substantial bearish divergence, and we are approaching a weekend, and we are approaching a heavy resistance zone [$2,900], through which it’s not likely that we’re going to make a breakout of that resistance in one go, especially given the fact that we’ve not been into this resistance zone since June.”
According to the strategist in his analysis, Ethereum (ETH) will likely correct against Bitcoin (BTC) before printing a bullish higher-low setup:
“So given that we are currently making this corrective move on Ethereum against Bitcoin, you’re going to look at a new higher low to be established. So 0.06 BTC [$2,562] is a level, 0.063 BTC [$2,690] is a level. Those two zones are the zones we should be looking at for ETH/BTC. But overall, the expectations are, for me personally, that we’re going to find ourselves a temporary top with the current movements of the markets for Ethereum against Bitcoin.”
The last on Michaël van de Poppe’s list is the emerging smart contracts platform, Cardano (ADA). According to the trader, the digital token ADA still faces a downtrend against Bitcoin (BTC) despite recent news that ADA has been listed on a Japanese exchange for the first time.
However, the analyst expects Cardano (ADA) to form a bullish structure just like the consolidation phase it experienced in March, April, and May 2021. He expects this to drive the cryptocurrency higher against Bitcoin (BTC):
“We are still making a downtrend, making lower highs, lower lows. So there might be a chance that we’re going to test support once again, create a bullish divergence, and then at a later stage, we’re going to make the breakout towards a new impulse wave.”