Nearly two weeks post the approval and listing of various spot Bitcoin exchange-traded funds (ETFs) in the United States, it is safe to assume that the event had already been factored into the fourth quarter of 2023 Bitcoin (BTC) bullish breakout.
The recent swift Bitcoin selloff from whale traders, short-term holders, and miners has significantly impacted BTC dominance against the altcoin market. Crypto traders should closely monitor the altcoin market, anticipating more gains in the near term.
Chainlink (LINK) Shows Strength Amid Bitcoin Weakness
Request 01 – $LINK | @chainlink
This one looks primed for continuation.
The $BTC pair is making higher highs, higher lows & held a higher timeframe support level.
Expecting a breakout to $25-30 in the coming months to occur. pic.twitter.com/JIIJ1QgB2H
— Michaël van de Poppe (@CryptoMichNL) January 21, 2024
In the face of Bitcoin’s recent short-term weaknesses over the past three weeks, Chainlink (LINK) has demonstrated gradual awakening from weekly consolidation. Latest market data reveals a nearly 30% surge in LINK price in the past three weeks, reaching around $15.72 during Monday’s early Asian session. Crypto analyst Michaël van de Poppe suggests that if bulls maintain support between $12.5 and $13.1, LINK price could potentially reach $25-$30 in the near term.
Arbitrum (ARB) Emerges as a Promising Altcoin
I've been mentioning the fact that corrections do take place.
Just like any other project, $ARB is having one.
This region between $1.40-1.85 is an area I'd be looking to get myself positioned before a potential run to $3. pic.twitter.com/FhbnrLoB41
— Michaël van de Poppe (@CryptoMichNL) January 21, 2024
Another altcoin gaining attention for a bullish breakout is Arbitrum (ARB), a leading Ethereum-based scaling solution boasting over $2.6 billion in Total Value Locked (TVL) and a stablecoins market cap exceeding $2 billion. Poppe anticipates ARB’s price reaching $3 after completing the current market correction. Currently retesting support around $1.78, ARB recently achieved a new all-time high (ATH) of approximately $2.3.
Cosmos Hub (ATOM) Eyes Bullish Cycle
Cosmos has been lagging behind like Polkadot.
Crucial area to hold, if this area between $7.50-9.00 is going to hold, likely a breakout to $22-26 seems next. pic.twitter.com/WK9EgBcHid
— Michaël van de Poppe (@CryptoMichNL) January 21, 2024
In the realm of rising interchain ecosystems, Cosmos Hub (ATOM) stands out. Poppe believes that ATOM could reach as high as $26 in the current bullish cycle, emphasizing the importance of maintaining support around $9. The weekly Relative Strength Index (RSI) has remained above the 50 level in recent weeks, indicating resilience despite the ongoing market correction.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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