One crypto analyst who is closely monitoring the market predicts that an altcoin with impressive gains in the past year will continue to rise. Michaël van de Poppe, a crypto strategist, believes that the decentralized finance ecosystem Mantra (OM) is poised for further growth after experiencing a staggering 2,800% increase this year.
In a recent thread on the social media platform X, van de Poppe informs his 722,300 followers that OM has reached a new all-time high and expects it to perform even better in the coming months. He attributes this potential growth to the rotation of markets and the increasing importance of real-world assets (RWA) in the crypto space.
Just this week, Mantra sealed a $500 million RWA deal with UAE developer MAG. As of now, OM is trading at $1.29, slightly higher than its previous value. In August of last year, the altcoin was worth a mere $0.018.
Turning his attention to Bitcoin, van de Poppe states that as long as it remains above the $60,000 level, the leading cryptocurrency will likely continue to rise. He notes that Bitcoin has been consolidating within a four-month range and points out that gold has recently reached a new all-time high while yields are falling. According to him, it is only a matter of time before Bitcoin follows suit.
Van de Poppe then analyzes Bitcoin’s rate of miner capitulation and hashrate drawdown, which measures the decline in the relative computing power of Bitcoin’s blockchain. Based on these metrics, he predicts that Bitcoin’s next surge will likely push its price to six figures.
He explains that Bitcoin miners reached a point of capitulation, and the True Hashrate Drawdown hit a low on July 1 that was as significant as during the FTX collapse. This indicates that Bitcoin is at a cycle low, and since the news of Mt. Gox, the price has already increased by 20%. Van de Poppe believes that the next leg up will take Bitcoin to $110,000.
Currently, Bitcoin is trading at $63,626, with a slight decrease in the past 24 hours.
Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets.
