An expert crypto analyst is predicting that a particular altcoin, which has experienced significant growth over the past year, is poised to continue its upward trajectory.
In a recent post on the social media platform X, crypto strategist Michaël van de Poppe, who has a following of 722,300, shared his belief that the decentralized finance ecosystem Mantra (OM) is set to see further gains after already surging by 2,800% year-to-date.
“OM has reached a new all-time high! It has confirmed the expected breakout and has generated nearly 30% profit since my last post. I anticipate that OM will perform even better in the near future, especially considering the market rotation and the increasing importance of real-world assets (RWA) as a narrative.”
Earlier this week, Mantra entered into a $500 million RWA agreement with UAE developer MAG. As of now, the price of OM is $1.29, showing a slight increase for the day. In August of last year, OM had a value of $0.018.
Moving on to the leading cryptocurrency, van de Poppe suggests that as long as Bitcoin (BTC) can maintain a price level above $60,000, it is likely to continue its growth.
“Bitcoin is currently consolidating nicely within a four-month range. As long as its price remains above $60,000, there is a high probability that it will continue its upward rally. With gold reaching new all-time highs and yields falling, it is only a matter of time before Bitcoin follows suit.”
The analyst then examines Bitcoin’s rate of miner capitulation and hashrate drawdown, which measures the decrease in BTC’s Blockchain computing power, to draw conclusions about the next price increase for the largest cryptocurrency by market capitalization.
“At the bottom, Bitcoin miners are capitulating. The True Hashrate Drawdown reached its lowest point on July 1st, matching the severity of the FTX collapse. This indicates a cycle low. Since the Mt. Gox news, the price has rallied by 20%. The next surge is likely to push Bitcoin to $110,000.”
As of now, Bitcoin is trading at $63,626, showing a slight decrease in the past 24 hours.
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Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please be aware that any transfers or trades you make are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it a financial advisor. Please note that The Daily Hodl may participate in affiliate marketing.