The cryptocurrency market is currently in consolidation mode following recent strong rallies. While Bitcoin has dipped below $90,000, it continues to display resilience. Meanwhile, most altcoins are experiencing a bearish trend, with a few exceptions like XRP. Despite the temporary pullback, analysts remain optimistic about the market’s trajectory. According to a widely followed analyst, a leading Ethereum Layer-2 solution may be gearing up for a rally that could deliver over 200% gains in the coming weeks.
Optimism (OP): Aiming for All-Time Highs
Prominent crypto analyst Michaël van de Poppe, known for his insights on The Bit Journal, recently shared his predictions with his 736,000 followers on X (formerly Twitter). Van de Poppe believes that Optimism (OP), a direct competitor to Polygon, could reach its all-time high (ATH) early next year if it holds key support levels.
In his analysis, Van de Poppe stated:
“Volatility is increasing. OP has tested critical resistance but has dropped over 20% in recent days. If the $1.80-$1.90 levels are tested again, I anticipate a breakout to the upside, with an ATH test in January.”
As of writing, OP is trading at $1.56, down 7% on the daily chart. Its ATH stands at $4.84, meaning it would need to rally by approximately 210% from its current price to achieve this milestone.
Bitcoin Eyes $100,000—But a Correction Looms
Van de Poppe also shared his outlook on Bitcoin (BTC). He predicts that BTC could reach six-figure territory by the end of the week, buoyed by the ongoing “Trump rally.” However, he warns of a potential market-wide correction that could pull liquidity out of the system within the next one to two weeks.
Van de Poppe remarked:
“Bitcoin has surged impressively since Trump’s election win. The key question now is: will we see $100,000 this week? It’s possible. However, a sudden market crash to drain liquidity is likely within the next two weeks.”
At the time of writing, Bitcoin is trading at $89,168, down 1.7% on the day but boasting over 17% gains on the weekly chart.
Altcoin and Bitcoin Market Outlook
As the broader market consolidates, Optimism (OP) stands out as a strong contender for growth, with potential for massive gains. Meanwhile, Bitcoin’s march toward $100,000 continues to captivate investors, though caution is warranted given the likelihood of short-term volatility. The Bit Journal advises traders to remain vigilant and strategically navigate these market conditions.
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