A well-known crypto analyst is forecasting that a major competitor to Ethereum (ETH) is on the verge of a significant breakout.
Crypto trader Michaël van de Poppe informs his 725,300 followers on the social media platform X that NEAR Protocol (NEAR) has the potential to rise by 275% over the next six months from its current price.
“The markets appear to be positioning for a reversal. NEAR has tested a vital support zone and looks poised to maintain its ground from this point. If the price stays between $2.75 and $3.40, I anticipate it will reach $15 within three to six months.”
Currently, NEAR is priced at $4, reflecting a 1.3% decline in the last 24 hours.
Next, the analyst indicates that Bitcoin (BTC) may soon regain the $60,000 level.
“Bitcoin invalidated my bearish scenario by surpassing $56,000. I am hoping for a minor retest between $55,000-$55,500, followed by a climb to $60,000-$61,000 within the upcoming week. The outlook seems promising.”
As of now, Bitcoin is trading at $57,390.
Finally, the analyst suggests the recent corrections in the crypto market may be coming to an end, leading to potential rallies for various altcoins against Bitcoin.
“The bottom appears to be set for both altcoins and Bitcoin. The Bitcoin pairs of numerous altcoins are showing upward movement, supported by several technical signals. It looks promising. Congratulations on weathering the storm.”
However, he cautions that the ETH/BTC pair could experience a deeper correction before any upward movement.
“The ultimate letdown of this cycle: ETH. The bullish divergence has not been confirmed. It’s starting to appear quite grim, and I believe we will test the lows. If Bitcoin ascends to $60,000-$61,000, ETH might drop below 0.04 BTC before there’s any chance for a recovery.”
The ETH/BTC pair is currently valued at 0.04081 BTC ($2,361), having declined over 1% in the last 24 hours.
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