Crypto Analyst Predicts Altcoin with 2,800% YTD Growth Set to Outperform, Revises Bitcoin Forecast
A prominent crypto analyst predicts that a particular altcoin, which has experienced significant growth in the past year, is poised for further advancement.
The crypto strategist Michaël van de Poppe, in a recent discussion with his extensive following on the social media platform X, highlighted the potential of the decentralized finance ecosystem Mantra (OM). Mantra has seen an impressive 2,800% increase in value since the beginning of the year and is expected to continue its upward trajectory.
Van de Poppe expressed optimism about OM’s future performance, citing its recent achievement of a new all-time high and a breakout that resulted in nearly 30% profit since his last update. He foresees a positive outlook for OM in the upcoming period, attributing this projection to market dynamics shifting and the growing importance of real-world assets (RWA) in the narrative.
Recently, Mantra sealed a substantial $500 million RWA deal with UAE developer MAG. Currently trading at $1.29, OM has come a long way from its value of $0.018 in August of the previous year.
Shifting focus to the flagship cryptocurrency, Bitcoin (BTC), van de Poppe emphasized that as long as Bitcoin maintains a price level above $60,000, it is likely to sustain its growth momentum. He noted Bitcoin’s consolidation within a four-month range and suggested that continued support above $60,000 would lead to further price appreciation. With gold hitting new all-time highs and falling yields, van de Poppe believes it is only a matter of time before Bitcoin follows suit.
The analyst delved into Bitcoin’s miner capitulation rate and hashrate drawdown, indicators that track fluctuations in BTC’s Blockchain computing power. Based on these metrics, van de Poppe predicts that Bitcoin’s next surge could propel its value to six figures, specifically targeting $110,000.
Currently priced at $63,626, Bitcoin experienced a slight decline in value over the past 24 hours. The crypto market continues to be dynamic, with analysts closely monitoring key indicators and developments to anticipate future trends and potential price movements.