• If Bitcoin can reach this price level, the altcoin market might surge by 80 percent to 150 percent

  • Today’s crypto market appears to be in terrific shape, especially in light of recent developments. Elon Musk recently flaunted his support for Bitcoin, as we reported a few days ago. He went away from his prior concerns, which had resulted in the king coin’s price dropping.

    He stated during a live chat that he wants Bitcoin to thrive and that he, Tesla, and SpaceX all own Bitcoin.

    He also stated that he has Ethereum and a small amount of Doge.

    Musk mentioned that Tesla would reintroduce Bitcoin as a payment option.

    “It appears like bitcoin is going a lot more toward renewables, and a bunch of the heavy-duty coal facilities that were being used…have been shut down, especially in China,” Musk stated at the Crypto Council for Innovation’s B-Word conference on Wednesday.

    Regardless, the majority of the major coins are trading in the green today, with Bitcoin remaining above $32,000.

    ETH and other altcoins are about to explode.

    Analyst and trader Michaal van de Poppe believes that if Bitcoin’s recovery continues, Ethereum and other altcoins will explode.

    In order to unleash the remainder of the crypto ecosystem, Van de Poppe believes the BTC market will have to make new higher lows.

    “We can plainly see and claim that we’re holding over [$31,000] if we look at the price activity of Bitcoin,” he remarked.

    “If that holds, and the market allows a higher low, I believe we’ve struck a temporary bottom [and] we’ll test [$40,000],“ he added. Altcoins would then rise 80-150 percent from here.”

    “You should recognize that the mindset is highly negative right now, yet everyone was interested in Ethereum at [$3,500],” the analyst added of ETH.

    BTC is now trading in the green, with a price of $32,338.98 at the time of writing. ETH is likewise in the green, with a current price of $2,053.18.

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