Crypto analyst Michael van de Poppe, known for his market insights, has suggested that Polkadot (DOT), one of Ethereum’s (ETH) main competitors, could potentially more than double its current price. He emphasized that market corrections present numerous opportunities, with DOT being a prime example, potentially rising to $17, a roughly 164% increase from its current level.
Van de Poppe indicated that after retesting its support level between $5.50 and $6.00, DOT faces a “critical resistance” around $9.39. At the time of writing, Polkadot is trading at $6.45. The analyst also touched on Bitcoin (BTC), suggesting it is nearing the end of its correction phase and should settle in a low range between $36,000 and $39,000.
Furthermore, Van de Poppe’s charts suggest that the upper range for Bitcoin could slightly exceed the last peak of December 2021, which was $51,200. Bitcoin was trading at $39,890 when the article was penned. Turning to altcoins, Van de Poppe sees the negative sentiment and double-digit corrections as an opportunity to load positions, possibly the last great chance to do so.
In summary, the analyst Michael van de Poppe forecasts a significant rise for Polkadot, while also highlighting the ongoing correction in Bitcoin and potential buying opportunities within the altcoin market during this downturn.