The cryptocurrency market is currently experiencing a short-term uptrend, primarily driven by Bitcoin (BTC), which recently made a new 2023 high, surpassing the $30,000 mark.
As a result of this Bitcoin rally, the leading cryptocurrency has regained 50% market dominance, prompting investors to turn their attention to other digital assets that could also participate in the rally.
In this regard, crypto trading expert and analyst Michaël van de Poppe emphasized in a YouTube video published on June 23 that the altcoin market is likely to follow suit and recover and benefit from Bitcoin’s gains in the coming days.
Given this prediction, the analyst has identified three specific coins that he believes are the best choices for investing in preparation for the upcoming altcoin rally. However, he noted that despite the uptrend, most altcoins remain in a depression zone.
chain link (LINK)
The analyst pointed out that Chainlink (LINK) should be on investors’ radar even though the asset has endured a bear market for the past two and a half years, dating back to August 2020. According to Poppe, once Chainlink regains the 2,300 satoshis mark, positive market momentum can be expected to continue.
Notably, Chainlink peaked in May 2021 before subsequently declining. He pointed out that the future price development of Chainlink is closely related to the performance of Bitcoin.
The analyst predicted that altcoins like Chainlink would likely gain momentum as Bitcoin consolidates and stagnates for several weeks.
On the other hand, if bitcoin starts to rise again, altcoins could see an increase in USDT value, albeit to a lesser extent than bitcoin. This behavior is typical as investors tend to shift their focus to Bitcoin during periods of growth. At press time, LINK’s transaction price was $5.99, up over 12% on the weekly chart.
Chainlink seven-day price chart. Source: Finbold
Avalanche (AVAX)
Poppe emphasized that Avalanche (AVAX) is undergoing a notable retest and showing a promising recovery. The cryptocurrency has successfully surmounted the lows, indicating positive market expansion.
According to his analysis, these expansion phases are usually very volatile and only last a few weeks. Historical data shows a similar pattern in December 2020, followed by a peak in February. This acceleration phase typically lasts six to eight weeks and is characterized by increased volume and dynamics.
Therefore, during these critical periods, it is crucial for investors to position themselves strategically to be prepared for any potential upside momentum.
At press time, AVAX was trading at $12.91. In the past seven days, the token has benefited from the general market rally, gaining over 10%.
Avalanche seven-day price chart. Source: Finbold
Curve DAO (CRV)
Interestingly, Poppe pointed out that Curve (CRV) is an asset to watch, even though he admitted its price is still “under water.” However, the analyst did not share any major trends in the asset’s price action, but noted that CURVE is currently in a period of uncertainty as the company re-tests its support levels.
Similarly, the value of CRV has also increased in the wake of the overall bullish rally in the crypto market. At press time, CRV was trading at $0.67, down more than 4% daily. Over the past seven days, Curve is up over 8%.
Curve 7-day price chart. Source: Finbold
The broad crypto market is examining how Bitcoin’s valuation will perform in the coming days amid prevailing factors such as inflation and regulatory threats.
Disclaimer: The content of this website should not be construed as investment advice. Investing is speculative. When you invest, your capital is at risk.