A widely followed cryptocurrency trader is reassuring traders that Bitcoin (BTC)’s current consolidation is simply a bull market downturn.
Cryptocurrency analyst Michael van de Poppe says The number of followers on social media platform
“Bitcoin consolidation, altcoins are sighing at the end of the year.
A pretty standard de-risking will take place until the last day of 2023.
An upward trend is expected from Monday.
“If you simply buy a bear market, it is a bull market.”
As of this writing, the value of BTC is $42,122, down 3.6% over the past week.
Looking at Van de Poppe’s Solana think Even its best Ethereum (ETH) rivals will cool off for the time being.
“brush
It had a huge rise, rising more than 500% in two months.
SOL is probably complete at this point, as circulation to ETH and other ecosystems is ongoing.
Higher term trading; For long-term participation, I’m interested in $70-80.”
SOL is trading at $106 at the time of this writing.
Van de Poppe also analyzes Sui (SUI), a lesser-known ETH rival. According to analysts, SUI is in a good position. rally Compared to Bitcoin (SUI/BTC).
“Sui
The ecosystem is heating up and SUI is waking up along with Arbitrum (ARB) and Optimism (OP).
Here we are looking for a BTC pair ready for a beautiful retest in the 0.00001710 area.
If this holds, the upward trend is likely to begin towards 0.00003000 BTC.”
The value of SUI is 0.00001919 BTC, or $0.811, at the time of this writing, up 17.6% over the past week.
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Featured image: Shutterstock/Tithi Luadthong