Ethereum Competitor Deemed Significantly Undervalued by Crypto Analyst, Outlines Growth Strategy for Bitcoin and Chainlink
A prominent crypto analyst and trader has expressed optimism about the undervalued status of a competitor to Ethereum (ETH). Michaël van de Poppe, a well-known figure in the crypto trading community, shared his insights with his substantial following on the social media platform X, highlighting the potential for Polkadot (DOT) to mirror Ethereum’s upward trajectory.
According to van de Poppe, Polkadot’s current market valuations are disproportionately low compared to its growth potential. He anticipates significant developments within the Polkadot ecosystem across various sectors, indicating a promising outlook for the cryptocurrency.
Analyzing the charts, van de Poppe pointed out a potential bullish divergence for DOT on the three-day chart. This divergence suggests a scenario where the price chart records a lower low while the corresponding indicator reflects a higher low, indicating a possible upward trend for Polkadot.
As of the time of writing, DOT is trading at $6.20, experiencing a slight decline of nearly 2% over the past 24 hours. The analyst further shared his projections for Bitcoin (BTC), foreseeing a consolidation phase around the lower $60,000 range in the near future.
Van de Poppe emphasized that while Bitcoin may consolidate around $61,000, he anticipates altcoins to outperform Bitcoin in terms of returns. Examining the charts, he predicted Bitcoin’s price movement to fluctuate around $60,000 before potentially rebounding to approximately $64,000.
Bitcoin is currently priced at $60,757, reflecting a decrease of 1.47% within the last 24 hours. Additionally, van de Poppe discussed the prospects for Chainlink (LINK), a leading blockchain oracle service, against Bitcoin in the short term.
He highlighted a notable uptrend for Chainlink on the Bitcoin pair, indicating a positive start with an 11% increase in the weekly candle. Van de Poppe suggested that this could mark the cycle low for Chainlink during the consolidation period.
At the time of writing, the LINK/BTC pair is trading at 0.0002308 BTC ($13.92). The analyst’s insights provide valuable perspectives on the potential movements and trends within the crypto market, offering guidance to investors and traders navigating the dynamic landscape of digital assets.