Although the price of Bitcoin (BTC) has risen more than 40% recently, the bulls failed to hold the value of the main cryptocurrency on the market above $50,000.
However, while the BTC struggles to get back to $50,000 and stay above that amount, other cryptocurrencies have been breaking new price records such as Cardano (ADA) leading analysts to point out opportunities in the altcoin market.
One of those analysts, trader and Cointelegraph writer Michaël van de Poppe said he is watching the price action closely. five altcoins that can show a huge upside potential.
In the list, revealed in a new video on his official youtube account, Van de Poppe says that one of the cryptocurrencies that could rise in this new cycle is the Polkadot (DOT) that could trigger a strong recovery if you eliminate an area of high resistance.
“Once it breaks $29, the DOT has the potential to repeat Solana’s (SOL) rally, which also cracked this level and started to climb exponentially. Earth (LUNA) also broke this level and managed to improve its value. So I’m considering accrual levels at $21 and $18,” he said.
Another cryptocurrency on the trader’s list is the Cosmos (ATOM) which, according to Van de Poppe, should restart its uptrend if it manages to maintain crucial support at $16.
“When we look at the pair against USDT, we clearly have some levels to watch. The first is the retest here at around $16. That would be great if we could keep it. Second, if that doesn’t provide any support, we have to look at $12. value I believe the next bearish move will be followed by a rebound and the beginning of a bull market,” he said.
Another cryptocurrency on the trader’s list is the smart contract platform Tezos, but in its pair against Bitcoin (XTZ / BTC). According to Van de Poppe, the pair is putting into higher highs and higher lows and could rise more than 70% to 0.00019 BTC ($8.98) if it breaks resistance at 0.00011 BTC.
Van de Poppe also scores a high on the decentralized finance (DeFi) platform at Synthetix. The strategist predicts that it could double in value compared to Bitcoin (SNX / BTC) if it remains above an indicated key level of 0.00021 BTC
Thus, Van de Poppe’s targets for SNX/BTC are 0.00036 BTC and 0.00042 BTC.
Finally, the analyst indicates that another cryptocurrency with high potential is Chainlink in its pair against Bitcoin (LINK / BTC). According to Van de Poppe, the LINK / BTC could suffer one more drop before starting an uptrend.
“This 0.00045 BTC block is where I’m interested. If we miss this block, then we still have another opportunity around 0.00041 BTC that hasn’t been tested yet. These two intervals are where I would bet”
Van de Poppe adds that he believes the LINK/BTC pair could bottom out if it hits 0.00041 BTC and recovers 0.00045 as support.
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