A widely followed crypto analyst believes that digital assets are in the “first stage” of a bull market.
Crypto trader Michaël van de Poppe tells his 729,100 followers on the social media platform X that two trends are indicating a digital asset market with more upside potential.
“The first stage of the bull is recognized by two different things:
- People are stuck in the bear market mindset.
- The price action is weak and slow.
That’s the current stage. Prices are crawling upwards, but not as much. What does it mean? Buy the dip and hold on altcoins.”
Next up, the analyst says that Solana (SOL) rival Sui (SUI) may retrace to $1.85 before having another massive breakout.
“SUI did run away and printed a new all-time high. The first one! Didn’t allow me to enter, but it might be topped for now. Looking at the same region or $1.85 for entry zones. Massive runner.”
SUI is trading for $1.86 at time of writing, down nearly 6% in the last 24 hours.
Lastly, the analyst says Bitcoin (BTC) may dip into the $50,000 range as the flagship crypto abruptly corrected to the $60,000 level Wednesday.
“Bitcoin continuing downwards fall, which means that we’re likely having lower tests. I expected it to hold here, but as negative FUD (fear, uncertainty, doubt) kicks in on corrections, likely we’ll see sub-$59,500 and reverse from there. Still slow waters.”
Bitcoin is trading for $60,671 at time of writing, down 2.2% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
