Widely-Followed Crypto Trader Says Bitcoin (BTC) Could Retest $46,000 Soon, Explains STEPN (GMT) Valuation

Widely-Followed Crypto Trader Says Bitcoin (BTC) Could Retest $46,000 Soon, Explains STEPN (GMT) Valuation

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Popular crypto analyst Michaël van de Poppe says Bitcoin (BTC) could reach $46,000 and beyond soon while opining on the value of rising altcoin STEPN (GMT).

In a new tweet, Van de Poppe shares two BTC charts with his 586,300 followers highlighting important levels for the leading crypto asset by market cap.

“If the market wants to see continuation, it has to crack that region around $42.3K for Bitcoin.

This is also a daily breaker.

If it breaks, I’m assuming a new test of $46K is around the corner and possibly $50k+.”

Source: CryptoMichNL/Twitter
Source: CryptoMichNL/Twitter

Van de Poppe thinks Bitcoin looks “so far so good” for an upwards continuation, pointing out that the US Dollar Index (DXY) is showing weakness. BTC tends to strengthen when the DXY weakens.

“So far, so good for Bitcoin.

I don’t think the upside is done, as the DXY is showing weakness…

I still think upwards continuation is likely with Bitcoin if $40.3K holds.”

Source: CryptoMichNL/Twitter

Bitcoin is trading for $41,656 at time of writing.

Moving on to exploding lifestyle altcoin GMT, which equips users with non-fungible token (NFT) sneakers and rewards them for real-life steps taken, Van de Poppe says that STEPN’s current $1,900,000,000 valuation is “an absolute joke.”

“Honestly, the fact that $GMT is valued at $1.9 billion ([Fully Diluted Valuation] $18 billion) is an absolute joke, but tells a lot:

– The potential of the markets is insane and we’re still early.

– Marketing is doing its thing in crypto all over again.

– Valuations can still become ridiculous.”

STEPN is trading for $3.18 at time of writing, down 9.2% in the last 24 hours.

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Featured Image: Shutterstock/Bryan Vectorartist

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