Cryptocurrency analyst Michael van de Poppe said Bitcoin (BTC) faces a tough challenge at current levels.
Widely supported cryptocurrency trader To tell His 711,400 followers on social media platforms are asking what needs to happen for BTC to hit a new all-time high (ATH) before the halving, which will cut BTC rewards to miners in half. The once-every-four-year event is scheduled for later this month.
“Bitcoin is facing significant resistance.
If there is another test between $71,000 and $72,000 and it breaks, we will see another ATH pre-halving.
Altcoins are collapsing with Bitcoin pairs. Rotation is coming soon. ”
At the time of writing, BTC is worth $69,955, up 4% in the past week.
Van de Poppe on decentralized finance (DeFi) blockchain Injective (INJ) To tell DeFi altcoins are in an advantageous position when trading with BTC.
“INJ
Focusing on the USDT pair presents an interesting buying opportunity.
If you look at the BTC pair, it's down 55%, so it's an even better opportunity.
There is still potential for another 15-25% drop, but these are bull buy zones to watch. ”
INJ is trading at $32.19 at the time of writing, down 5% in the past week.
Layer 1 smart contract platform Analyst Sui To tell He expects SUI to fall further before reaching its ideal price.
“Sui”
Despite seeing a significant rally in the first quarter of this year, Bitcoin's valuation has corrected by 45% since February.
We expect it to drop a bit more, but these are the areas that will interest us in this pair. ”
At the time of writing, SUI is worth $1.49.
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