A widely followed crypto analyst is diving into the crypto markets as Bitcoin (BTC<\/a>) plateaus and altcoins see \u201cmassive liquidations.\u201d<\/p>\n Crypto trader Micha\u00ebl van de Poppe\u00a0tells<\/a>\u00a0his 680,800 followers on the social media platform X that altcoins underwent their biggest day of liquidations yesterday in the past two years.<\/p>\n \u201cMassive liquidations today, the largest for Altcoins in the past two years.<\/em><\/p>\n Unlikely it will happen again tomorrow or the day after, but it shows a few important concepts;<\/em><\/p>\n \u2013 Avoid excessive risk-taking with leverage.<\/em><\/p>\n \u2013 Have low-limit bids at all times.<\/em><\/p>\n \u2013 Be patient.\u201d<\/em><\/p>\n Looking specifically at the altcoin Chainlink (LINK<\/a>), Van de Poppe\u00a0says<\/a>\u00a0the blockchain oracle is unlikely to retrace much further.<\/p>\n \u201cDuring yesterday\u2019s cascade of the altcoin liquidations, entry points on LINK were hit.<\/em><\/p>\n It\u2019s always the best to remain patient. If you do, you\u2019ll be rewarded, similarly with this.\u00a0<\/em><\/p>\n I don\u2019t think Chainlink will go much deeper; as a matter of fact, I think we\u2019ll trend up.\u201d<\/em><\/p>\n Taking a peek at the top altcoin Ethereum (ETH<\/a>), the trader\u00a0thinks<\/a> the smart contract platform still has further to fall when trading against Bitcoin.<\/p>\n \u201cEthereum is still eager to find a bottom in the BTC pair.<\/em><\/p>\n This means that, pre-halving, we\u2019re likely going to swap from strength on BTC to strength on Ethereum.\u201d<\/em><\/p>\n Meanwhile, the analyst\u00a0says<\/a>\u00a0BTC is likely to consolidate as the world awaits the approval or denial of a spot BTC exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).<\/p>\n \u201cBitcoin is still waiting for a potential approval of the Spot Bitcoin ETF.<\/em><\/p>\n Standing behind my thesis that we\u2019re consolidating inside a range between $38-50K.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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