Top crypto strategist and trader Michaël van de Poppe is keeping a close watch on Cardano’s price action while predicting an incoming supply shock for Bitcoin.
Van de Poppe tells his 404,100 Twitter followers that he sees Cardano slightly correcting against Bitcoin (ADA/BTC) in order to build a base for the next leg up.
“Expecting continuation on Cardano to be happening here. BTC pair [is] doing well.”
Source: Van de Poppe/Twitter
According to Van de Poppe’s chart, he expects Cardano to consolidate at 0.000045 BTC support, worth $2.03 at time of writing, before resuming its uptrend.
As for Bitcoin (BTC), the popular crypto analyst believes that the leading crypto asset is due to print one more leg down on the lower timeframes before it ignites a rally close to resistance at $50,000.
“Bullish divergence is ready to be played out with Bitcoin while consolidating at support. A higher low would be beneficial for continuation towards $50,000.”