A widely followed crypto analyst says that one Ethereum (ETH) layer-2 scaling solution appears to be a cusp of a rally that would see it print gains of over 200%.
In a new strategy session, crypto trader Michaël van de Poppe tells his 736,000 followers on the social media platform X that Polygon (POL) rival Optimism (OP) could hit a new all-time high (ATH) by the start of next year if it holds key support levels.
“Volatility is increasing. OP has tested the crucial resistance, but dropped more than 20% in the past few days. If there’s another test at $1.80-1.90, then I expect we’ll break upwards and have an ATH test in January.”
Source: Michaël van de Poppe/X
Optimism is trading for $1.54 at time of writing, a 7% decrease during the last 24 hours. To pass its all-time high of $4.84, OP would need to increase by 214% from its current price.
Moving on to Bitcoin (BTC), van de Poppe says the top crypto asset by market cap could hit a six-figure price tag by the end of this week. However, he also predicts that all crypto markets will see a flash crash in the next week or two that will inhibit liquidity.
“A massive chart for Bitcoin. It’s up a lot since Trump’s election. The question is: Are we seeing $100,000 during this week? We might. We’ll also have a flash crash across the markets in the coming 1-2 weeks to take liquidity on the downside.”
Source: Michaël van de Poppe/X
Bitcoin is trading for $88,757 at time of writing, a 5% decrease on the day.
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