Crypto Analyst Bullish On BTC And ETH, Whales Activity For MATIC, DYDX, And AAVE Increases
A famous crypto trader and analyst, Michaël van de Poppe, believes BTC and ETH are at the beginning of a “massive cycle.” He told his Twitter followers that a few years from now, they would laugh at the current prices of Bitcoin and Ethereum.
BTC To Reach $200,000 In Few Years – Van de Poppe
Van de Poppe added that Bitcoin would reach $200,000 or even more while Ethereum would earn massive global adoption. But, he said, “we are at the beginning of a massive cycle.”
According to him, the altcoin is at a major support level and could soon overcome the price at its next resistance level (the $1,600 price range). As for Bitcoin, the crypto analyst said he isn’t considering any longs, given BTC’s current price levels.
Talking about altcoins, Van de Poppe said Fantom (FTM) and Polygon (MATIC) are witnessing huge price increases. In the past seven days, on-chain data shows that the pair of FTM and MATIC have soared by 18% and 13%, respectively.
Van de Poppe highlights insincerity in traders’ emotions about the crypto market, citing Aptos (APT), MATIC, and FTM examples.
“A month ago, the same individuals were ready to sell all their cryptocurrency, as they believed BTC would drop to $10,000,” Van de Poppe said.
Is Recent Whale Activity On MATIC, DYDX, And AAVE A Sell Signal?
The price of MATIC, DYDX, and AAVE recently rallied alongside the top digital currencies in the crypto market, BTC and ETH. There have also been increased whale transactions over the last 30 days.
In the past month, the AAVE token has increased by 56%. Similarly, MATIC, the native token of Polygon, recorded a 35% increase in the past month.
Furthermore, the price of the DYDX token has increased by almost 95% over the last 30 days. Notably, all three digital currencies have soared due to increased interest from large investors in the Ethereum blockchain.
According to Santiment, a crypto intelligence tracker, large whale transactions (>$100,000) have peaked since December. However, expert analysts at Santiment argue that investors should study the increased whale activity.
Usually, whales dump large amounts of tokens when the price increases causing increased selling pressure on such tokens. Consequently, this negatively affects the price of the token.
According to a chart by Santiment, there has been a direct relationship between Bitcoin’s price hike and increased whale activity. Altcoins have risen in value along with Bitcoin during January, and large crypto holders (whales) have increased their trading activity.
However, Bulls must be cautious when investing in MATIC, DYDX, and AAVE. Large volume transactions on any token often indicate imminent price correction.
If BTC remains above $23,000 and establishes it as a support level, altcoins with a high correlation to Bitcoin will follow suit.
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