Cryptocurrency analyst Michaël van de Poppe believes that Sei (SEI), a Solana rival, is preparing for a surge in value.
Sei’s Bullish Momentum
According to Van de Poppe, Sei has experienced a significant decline against Bitcoin (SEI/BTC) since January, losing approximately 70% of its value. However, he believes that the token is approaching a support level at 0.0000006 BTC ($0.42) and is poised for a reversal.
Bitcoin’s Outlook
Van de Poppe also commented on Bitcoin’s price action, noting that it is currently trapped within a range between $67,800 and its all-time high of $73,800. He anticipates a breakout to a new all-time high but acknowledges the potential for a bearish turn. In the event of a decline, he identifies support levels at $67,789, $60,748, and $56,000.
Catalysts for Crypto Market
Van de Poppe believes that the easing of monetary policy by central banks will provide a boost to Bitcoin and other crypto assets. He cites the recent rate cut by the European Central Bank as an example and predicts that the Federal Reserve will follow suit. This move, he argues, will lead to increased demand for cryptocurrencies and commodities.
