Popular crypto analyst Michaël van de Poppe is bullish on Bitcoin BTC/USD, Ethereum ETH/USD, Cardano ADA/USD and Solana CRYPTO: SOL) and believes they are ready for an “explosive” fourth quarter.
What Happened: Van de Poppe, who goes by the username of Crypto Michael on YouTube and has 128,000 subscribers on his channel, noted that Bitcoin has continued to hold above the support level range of $46,500 to $47,000.
Investors should watch when the apex cryptocurrency reclaims the key $50,000 level as there would be some more consolidation happening and then there would be a continuation happening in the bull market.
See Also: How To Buy Bitcoin (BTC)
Moving on to Ethereum, Van de Poppe said that while the second-largest coin by market capitalization is showing slight weakness, it will rebound the moment Bitcoin consolidates. Overall, the trend for Ethereum on both the Bitcoin and USD pairs is very bullish, according to the analyst.
Regarding Solana, the analyst noted that the altcoin is breaking through the critical support levels and as long as the support holds, there will be consolidation.
“I might be looking at a potential run towards close to $200 on Solana once again…,” Van de Poppe said.
Further, the analyst noted that Cardano is still consolidating at the $0.2609 level before an “actual run” on the altcoin. He believes that overall, Cardano is approaching a point of interest and support.
Why It Matters: Bitcoin, Ethereum, Cardano and Solana are all trading sharply lower over the 24-hour period leading up to press time.
Cardano is the third-largest cryptocurrency by market capitalization, while Solana is the seventh-largest, as per CoinMarketCap data.
Price Action: Bitcoin is down 4.6% during the past 24 hours, trading at $45,706.45 at press time, while Ethereum is down 6.5% during the 24-hour period to $3,193.94.
Cardano is down 8.0% during the past 24 hours to $2.17, while Solana is down almost 11% during the 24-hour period to $143.86.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
