A prominent crypto analyst has shared insights on the potential for a significant rally in one of Ethereum’s layer-2 scaling solutions. According to Michaël van de Poppe, Optimism (OP) is on the verge of a major surge that could result in gains exceeding 200%. Van de Poppe, who commands a substantial following on social media, believes that if Optimism maintains key support levels, it could achieve a new all-time high by the beginning of next year.
The analyst highlighted the recent volatility in the market, noting that Optimism had tested a crucial resistance level before experiencing a 20% drop in value. Van de Poppe suggested that if there is another test around the $1.80-1.90 range, it could lead to a breakout and potentially set the stage for an all-time high in January.
Currently trading at $1.54, Optimism has seen a 7% decline in the past 24 hours. To surpass its previous all-time high of $4.84, the token would need to appreciate by 214% from its current price.
Shifting focus to Bitcoin, van de Poppe also shared his outlook on the leading cryptocurrency. He suggested that Bitcoin could reach a six-figure price by the end of the week. However, he cautioned that a flash crash across all crypto markets could occur in the next week or two, impacting liquidity.
With Bitcoin trading at $88,757 at the time of writing, representing a 5% decrease for the day, the market remains dynamic and subject to rapid changes.
In conclusion, van de Poppe’s analysis underscores the potential for significant movements in both Optimism and Bitcoin. As the crypto market continues to evolve, investors and traders should stay informed and prepared for potential fluctuations in prices. Subscribe to receive email alerts for the latest updates and follow The Daily Hodl on social media platforms for real-time insights.
