• Popular crypto analyst Michael Van de Poppe believes it’s time for Bitcoin (BTC) to go up, and has dived into altcoins and one top memecoin.
• Van de Poppe cites BTC reclaiming $27,200 as a sign of the cryptocurrency’s potential strength.
• He also believes that altcoin dominance is likely reaching its bottom of a down cycle, and suggests shorting Pepe (PEPE).
Bitcoin on the Rise
Popular crypto analyst Michaël van de Poppe tells his 656,900 Twitter followers that Bitcoin’s time is now. “Time to go up with Bitcoin.” Elaborating further shortly after, Van de Poppe says his prediction is based on BTC’s reclamation of $27,200. “Reclaim of Bitcoin at $27,200 happened. Make a higher low here and we’ll be going towards $29,000.” BTC is trading for $27,140 at time of writing.
Altcoins Reaching Bottom?
In relation to Bitcoin, Van de Poppe also breaks down the altcoin dominance chart – a measure of the strength of all other crypto tokens besides Bitcoin – saying altcoins are likely reaching the bottom of a down cycle. “I’ve been following this chart for a while and marked that level at 8.20-8.65% as a potential support for altcoins…Good bounce and a potential weekly bullish divergence start to pop up.“
Memecoin Shorting?
Van de Poppe takes a look at the latest memecoin Pepe (PEPE), which is based on a controversial meme just like Dogecoin (DOGE) and Shiba Inu (SHIB). The trader thinks now may be a good time to short PEPE: “Well, PEPE is moving downwards…I think we’ll continue that trend and I’d preferably watch an entry around $0.000000850 for a play.“ PEPE is trading for $0.00000156 at time of writing.
Conclusion
Crypto trader Michaël van de Poppe believes it’s time for Bitcoin (BTC) to go up after gaining only 1% over the past seven days due to its reclamation of $27,200 – suggesting altcoin dominance could soon reach its bottom in this current down cycle – plus he suggests shorting Pepe (PEPE).