The crypto market stayed relatively stable over the weekend, with some changes among the top digital assets. Recent data suggests that a number of new Bitcoin whales – those who hold at least 1,000 Bitcoin each – have joined the network in the past two weeks.
This influx of new investors helped Bitcoin maintain its value above $29,000, even during uncertain times in the market. These developments align with the growing interest in Bitcoin and Ethereum ETFs (exchange-traded funds), largely driven by big financial players like BlackRock.
An analyst based in the Netherlands, Michael van de Poppe, has shared insights into the market. He believes that if the Bitcoin price manages to overcome the resistance level at approximately $29,800, its value could continue to rise due to increased demand.
Poppe has also talked about some alternative cryptocurrencies, ie., altcoins that could perform well in the near future.
Poppe thinks that if the price of Chainlink can stay above $7.3, it has the potential to climb beyond $8.4. Chainlink is a type of altcoin.
This altcoin, supported by Elon Musk and known for its meme status, might see its price go up to 10 cents if it can maintain its value above $0.075. However, if the Dogecoin price falls to around $0.07, the optimistic outlook might change.
Another altcoin on Poppe’s radar is SHIB. It has seen significant gains recently due to excitement about the upcoming Shibarium launch and other developments. If this positive trend continues, Poppe predicts the price could reach around $0.000012.
Poppe also mentioned that the overall cryptocurrency market could grow to a total value of around $1.75 trillion before the next Bitcoin halving event. This event involves a reduction in the rewards miners receive for validating transactions on the Bitcoin network.
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