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Crypto analyst Michaël van de Poppe says Bitcoin ($BTC) is facing a tough test at current levels.
The widely followed crypto trader tells his 711,400 followers on the social media platform X what needs to happen for $BTC to reach new all-time highs (ATHs) before the halving, a quadrennial event slashing $BTC rewards to miners in half, expected later this month.
“Bitcoin facing crucial resistance.
If another test at $71,000-72,000 happens and it breaks, we’ll see another $ATH pre-halving.
Altcoins getting crushed in their Bitcoin pairs. The rotation is close.”
$BTC is worth $69,955 at time of writing, up 4% in the last week.
Looking at the decentralized finance (DeFi) blockchain Injective ($INJ), Van de Poppe says the DeFi altcoin is in a good position when trading against $BTC.
“$INJ
If you look at the USDT pair, it’s an interesting buy opportunity.
If you look at the $BTC pair, it’s an even better opportunity as it’s down 55%.
Might still drop another 15-25%, but these are the dip buying zones you’d be looking at.”
$INJ is trading for $32.19 at time of writing, down 5% in the last week.
Moving on to layer-1 smart contract platform Sui, the analyst says he expects $SUI to fall further before reaching an ideal price.
“$SUI
This has seen a tremendous upward rally in the first quarter of the year, but since February it has been seeing a 45% correction on the Bitcoin valuation.
I expect some more selloff, but these are the regions to become interested in this pair.”
$SUI is worth $1.49 at time of writing.
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