Altcoins
Analyst Says Altcoin That’s Exploded Over 2,800% YTD Is Poised to ‘Do Better,’ Updates Bitcoin Outlook
A widely followed crypto analyst says an altcoin that has seen massive gains over the past year is poised to continue its rise.
In a new thread, crypto strategist Michaël van de Poppe tell its 722,300 subscribers on the social media platform X which decentralizes the financial ecosystem Mantra (OM) is gearing up for further gains after posting a staggering 2,800% year-to-date gains.
“OM has made a new ATH (all-time high)! Recently confirmed as expected, it has made a profit of almost 30% since the last release. I expect OM to do better in the coming period, given that markets are turning and RWA (real world assets) are becoming a big topic.”
Earlier this week, Mantra do a $500 million RWA deal with UAE developer MAG. OM is trading at $1.29 at the time of writing, a slight increase on the day. In August last year, OM was valued at $0.018.
Moving on to the crypto king, van de Poppe says that as long as Bitcoin (Bitcoin) can stay above At the $60,000 price level, growth is expected to continue.
“Bitcoin is consolidating nicely in the four-month range. As long as it stays above $60,000, it will most likely continue to climb. Gold has hit a new record high, yields are down. It’s only a matter of time before bitcoin regains strength.”
Source: Michaël van de Poppe/X
The analyst then examined Bitcoin’s miner capitulation rate and declining hash rate — a metric that tracks declines in the relative computing power of the BTC blockchain — suggest that the next leg of the rally for the leading crypto asset by market cap will likely take it into the six-figure range.
“At the bottom, Bitcoin miners are capitulating. The True Hashrate Drawdown at its last low on July 1st was as HEAVY as the FTX collapse. This marks a cycle bottom. Since the Mt. Gox announcement, the price is up 20%. The next leg up should take Bitcoin to $110,000.”
Source: Michaël van de Poppe/X
At the time of writing, Bitcoin is trading at $63,626, a marginal decline over the past 24 hours.
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