A widely followed crypto analyst believes that an Ethereum (ETH) competitor is one resistance level away from more than doubling its value.
Crypto strategist Michaël van de Poppe tells his 692,500 followers on the social media platform X that Polkadot (DOT) could surge more than 135% from its current value if it takes out its immediate resistance at $9.40.
“I think that we’re going to see continuation on other ecosystems. One of them is Polkadot, which currently is making a higher low on the higher timeframes. DOT therefore is likely to continue to $17.”
Looking at his chart, the trader suggests that DOT could soar to $17 if it flips the resistance level of $9.39 into support.
DOT is trading for $7.21 at time of writing, up 1.97% in the last 24 hours.
The trader also says that he was not expecting Bitcoin’s (BTC) sudden move to the upside Friday, crossing the $48,000 level.
“Bitcoin breaks $48,000. I’m surprised with the strength, but I love to see it.”
Lastly, he cites a new interview where Russian President Vladimir Putin says the debt level of the United States is worrisome. The trader believes Bitcoin is a safe-haven asset in the event of an economic collapse.
“Putin mentioned that the $33 trillion debt of the US is a big concern for the rest of the world. That part is more significant than we think today. Buy Bitcoin. Buy gold. It’s a hedge against bankruptcy, not inflation.”
Bitcoin is trading for $47,436 at time of writing, up nearly 3% in the last 24 hours.
Generated Image: Midjourney
More Stories
Options market projects Bitcoin’s chances of reaching $100k
Clearstream joins ECB wholesale CBDC trials with tokenized securities
Bitcoin halving could be a ‘sell-the-news’ event, at least for a few months