Renowned cryptocurrency expert and trader Michaël van de Poppe is optimistic about a potential bullish trend for Sei (
SEI
), a competitor to Solana (
SOL
).
Van de Poppe recently shared with his 719,300 followers on the social media platform X that Sei may soon experience a surge in upward momentum, as indicated by his analysis.
Source: Michaël van de Poppe/X
The cryptocurrency analyst noted that Sei has declined by approximately 70% against Bitcoin (SEI/
BTC
) since the beginning of the year. Based on Van de Poppe’s daily chart analysis, Sei could find support at 0.0000006 BTC ($0.42).
At the time of writing, Sei, with a market capitalization of approximately $1.6 billion, is trading at 0.00000768 BTC ($0.543).
Shifting focus to Bitcoin, Van de Poppe mentioned that the leading cryptocurrency is currently range-bound between $67,800 and an all-time high near $73,800. He emphasized that Bitcoin is poised for a potential breakout towards a new record high.
In the event of a bearish scenario for Bitcoin, the trader shared a chart outlining possible support levels at $67,789, $60,748, and $56,000.
Source: Michaël van de Poppe/X
Van de Poppe highlighted that the main factors driving the bullish sentiment for Bitcoin and other cryptocurrencies include the easing of monetary policies by central banks.
He stated, “The European Central Bank has decided to lower interest rates today, becoming the first central bank to do so. I believe it won’t be long before the Federal Reserve follows suit and reintroduces quantitative easing. This seems to be the only solution to the current economic situation. In response, I recommend going long on cryptocurrencies, Bitcoin, and commodities.”
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