Michaal van de Poppe, a top crypto analyst, has offered his thoughts on the prospect of a new altseason, highlighting three cryptos that appear to be primed for new breakouts.
In a new video, Van de Poppe tells his 103,000 subscribers that despite the harsh late-May correction that saw Bitcoin tumble to $30,000, an altseason may be in the cards in the coming weeks.
The whole altcoin market cap is still above the 21-day weekly moving average (21 WMA), indicating that the cryptocurrency bull run is likely not done yet.
“We are still acting above the 21 WMA meaning that the chances of us continuing the grind to the upside are significant…Many altcoins are going to make new highs in their USD and Bitcoin pairs. That the altcoin market cap is currently holding above the 21 WMA is a very bullish trigger and a good signal of the momentum we have, through which the assumption [is] that we can continue grinding up and that we still have a very strong summer coming up for altcoins…
He noted that he still strongly believes that the alt season is not far off. The recent fall in the market is simply a stop gap.
“Are we going to get a big altcoin season? The thesis is still standing, and I’m still assuming that they’re going to continue their momentum. It’s time for you to start accumulating,” he said.
Van de Poppe claims that automated market maker Curve Finance (CRV) is on the verge of retaking the 100-day and 200-day moving averages in its Bitcoin pair (CRV/BTC) and continuing its ascent.
“CRV is currently in the resistance zone acting in one, but we can assume and expect that we are flipping back above the 100 and 200-day moving average, granting us support there. Then, we can start breaking out of this accumulation range towards new highs.”
After sliding below the 100 and 200-day moving average indications, the cross-chain lending platform KAVA is ready to hit new yearly highs versus Bitcoin (KAVA/BTC), according to the trader.
“We can see that we…