A widely known cryptocurrency analyst predicts that a competitor to Ethereum (ETH) is on the verge of a massive breakthrough.
Cryptocurrency trader Michael van de Poppe told his 725,300 followers on social media platform X that NEAR Protocol (NEAR) could soar 275% from its current value within six months.
“The market is shaping up for a reversal. NEAR has retested a key area for support and looks likely to hold there. As long as $2.75-$3.40 holds, I expect to see $15 in the next 3-6 months.”
At the time of writing, NEAR is trading at $4, down 1.3% over the last 24 hours.
Next, the analyst suggests that Bitcoin (BTC) could soon reclaim the $60,000 range.
“Bitcoin invalidated my bearish setup and broke $56,000. I’d like to see how this scenario plays out. A bit of a retest of $55,000-$55,500, then a move up from here to $60,000-$61,000 next week. Looks good.”
As of this writing, Bitcoin is trading at $57,390.
Finally, the analyst suggests that the correction in the cryptocurrency market may be over and that a rally in many altcoins against Bitcoin could begin soon.
“Altcoins and Bitcoin have bottomed. A lot of altcoin pairs are crawling back up against Bitcoin and a lot of technical signals are showing that. This is going to be great. Congratulations. You endured the pain.”
However, he warned that a deeper correction could come first before ETH/BTC bounces.
“The ultimate farce of the cycle: ETH. The bullish divergence is unconfirmed. It’s starting to look really bad and I think we’re going to sweep the lows. If Bitcoin goes to $60,000-$61,000, ETH will fall below 0.04 BTC before there’s a chance of a reversal.”
At the time of writing, ETH/BTC is trading at 0.04081 BTC ($2,361), down more than 1% in the last 24 hours.
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