Altcoins
Analyst Says Altcoin That’s Ramped Over 2,800% Year-To-Date Is Poised to ‘Do Better,’ Updates Bitcoin Forecast
A widely followed cryptocurrency analyst says an altcoin that has seen massive gains over the past year is set to continue its rise.
In a new thread, cryptocurrency strategist Michaël van de Poppe tells his 722,300 followers on the social media platform X that has decentralized the financial ecosystem Mantra (OM) is gearing up for another bull run after posting a staggering 2,800% gain since the beginning of the year.
“OM made a new ATH (all time high)! Confirmed the breakout recently as expected and has taken a nearly 30% profit since last post. I expect OM to do better in the coming period as markets are rotating and RWA (real world assets) are becoming a big narrative.”
Earlier this week, Mantra Done a $500 million RWA deal with UAE developer MAG. OM is trading at $1.29 at the time of writing, a fractional increase on the day. In August last year, OM was valued at $0.018.
Turning to the king of cryptocurrencies, van de Poppe says that as long as Bitcoin (BTC) can stay Above at the price level of $60,000, it should continue to grow.
“Bitcoin is consolidating nicely in the four-month range. As long as it stays above $60,000, it is very likely to continue to rise. Gold has reached a new all-time high, yields are falling. It is only a matter of time before Bitcoin rebounds.”
Source: Michaël van de Poppe/X
The analyst then examine The rate of Bitcoin miner capitulation and the drop in hashrate (a metric that tracks declines in the relative computing power of the BTC blockchain) suggest that the next bull run for the leading cryptocurrency by market cap will likely take it to six figures.
“At the bottom, Bitcoin miners are capitulating. The actual hashrate drawdown to its last low on July 1st was as HEAVY as during the FTX crash. This marks a cycle low. After the Mt. Gox news, the price is up 20%. Next stop will likely be Bitcoin to $110,000.”
Source: Michaël van de Poppe/X
At the time of writing, Bitcoin is trading at $63,626, down marginally over the last 24 hours.
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