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Is It the Right Time to ‘Buy the Dip’? Expert Chimes In – Reveals Alts to Watch Out For
- Seasoned trader reminds us that corrections can be buying opportunities.
- He lists four hot projects to watch right now.
“Do Not Worry About Corrections”
Trader Michaël van de Poppe, who goes by the X handle @CryptoMichNL and has over 673 k followers on the platform formerly called Twitter, regularly gives his thoughts on the markets. His recent posts focused on the choppy phase the market seems to have entered. After a few weeks of massive gains, Bitcoin and other major cryptos appear to go sideways or even retract. Van de Poppe reminds traders that while scary, these pull-backs can provide valid entry points for investors.
Bitcoin to Close Higher Soon?
More precisely Van de Poppe suggests that the recent dip in Bitcoin’s price presents a buying opportunity. He interprets this dip as Bitcoin seeking support and potentially serving as an entry point for altcoins. Adding that a price test in the range of US$ 34,888 (AU$ 53,955) to US$ 35,200 (AU$ 54,438) could strengthen Bitcoin, leading it towards higher values. Additionally, he noted that such dips are typically seen as opportunities to enter the market, particularly for altcoins, indicating a positive outlook on these price movements.
Watch These Alts – ARB, LINK, TAO, INJ
Van de Poppe highlights four altcoins worth watching right now:
- Injective (INJ): Van de Poppe notes that Injective, a decentralised finance (DeFi) blockchain, is showing significant strength. He suggests that if there’s a retest, the US$ 15.30-15.75 (AU$ 23.65-24.35) range is crucial to hold, and the target might reach US$ 22 (AU$ 34) if it breaks the high.
At the time of writing INJ is down 6.46% in the past 24 hours, the above chart shows the daily range.
- Arbitrum (ARB): For Arbitrum, an Ethereum Layer-2 blockchain, he observes that despite not hitting the exact levels mentioned earlier, the theory remains the same. After a correction and retest, Arbitrum is now aiming for new highs at US$ 1.36 (AU$ 2.10).
At the time of writing ARB is down 5.01% in the past 24 hours, the above chart shows the daily range.
- ChainLink (LINK): Van de Poppe sees massive strength in ChainLink, a leading blockchain oracle. He is uncertain if it will reach the US$ 12.50-13.20 (AU$ 19.30-20.40) level but is interested in buying the dip before ChainLink potentially moves to US$ 20 (AU$ 30.90).
At the time of writing LINK is down 5.87% in the past 24 hours, the above chart shows the daily range.
- Bittensor (TAO): Here he sees a promising project for the upcoming cycle that has recently seen significant gains. For trading, an aggressive entry point is suggested at US$ 158 (AU$ 244), while a more defensive approach would be between US$ 135-145 (AU$ 208-224), with a first target set at US$ 210-220 (AU$ 324-340).
At the time of writing TAO is down 1.84% in the past 24 hours, the above chart shows the daily range.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
