A widely followed crypto analyst says crypto markets are still “hugely undervalued” despite recent rallies.
Cryptocurrency trader Michaël van de Poppe says his 677,000 followers on social media platformbtc) markets are currently in the “buy the dip” stage.
“At this stage of the market there is clearly a desire to buy the dips for Altcoins and Bitcoin.
The market is still hugely undervalued and Ethereum is likely to accelerate its pace in the coming months.”
According to the trader, BTC is likely to remain in its current scope For the time being.
“Bitcoin today shows some trading within a range.
Still relatively comparable in the sense that, most likely, we will be stuck in this area.
Plus, Altcoin dips are still there to buy.”
BTC is worth $42,547 at the time of writing.
Looking specifically at altcoin Chainlink (LINK), Van de Poppe says The blockchain oracle is currently coming into its own.
“Chainlink is having a very healthy consolidation in new areas.
It could test areas of $12-13, but overall, this is a consolidation before continuing towards $25.”
LINK is trading at $14.93 at the time of writing.
Looking at the top altcoin by market cap Ethereum (ETH), the analyst believes that the trend stay up for the leading smart contract platform no matter your next move.
“Ethereum is making a positive support and resistance reversal at the $2,125 mark.
Even if it corrects to $1,900, the trend remains bullish and the next resistance area lies between $3,400 and $3,800 in the first quarter of 2024.”
At the time of writing, ETH is worth $2,276.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and trading are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Olga Salt
