Cryptocurrency analyst and trader Michaël van de Poppe says one Polygon (MATIC) rival is setting the stage for a massive surge.
Van de Poppe tells his 685,200 followers on the social media platform X that layer-2 scaling solution Optimism (OP) might soon soar by more than 55% from its current value.
“Simplified TA (technical analysis) on OP, but it shows my perspectives and the outlook for the project. A natural correction taking place through profit-taking and interest into the project, before another push towards $5-plus is likely given the significant use-case surrounding roll-ups.”
Looking at his chart, the trader suggests OP might dip below the $3 level and then bounce to the $5 level.
Optimism is trading for $3.22 at time of writing, down more than 6% in the last 24 hours.
Next, the trader updates his outlook on Bitcoin (BTC) and says the king crypto could soon retest a key level at the lower bound of a trading range after failing to rally.
“Bitcoin doesn’t even provide a rally toward $46,000. A retest at the lower boundaries will likely occur, and the range is getting defined between $38,000-$48,000. I’ve been mentioning this for a long time. Be ready to buy the dip, as the sentiment will become negative.”
Looking at the trader’s chart, he suggests Bitcoin could eventually soon dip down to the $38,000 level and then rally past $42,000.
The trader warns that Bitcoin sometimes performs contrary to the popular market sentiment, citing two prior examples including price action following approval last week of BTC exchange-traded funds (ETFs).
“The markets are always surprising everyone. Bitcoin at $15,000, nobody is interested and expects it to go to $10,000. Bitcoin is at $48,000 at the ETF; $60,000 is next because of the ETF launch.
If you follow the sentiment, you’ll be like it. Average.
Make it simple: Buy the dip.”
Bitcoin is trading for $41,151 at time of writing, down 3.5% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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