The cryptocurrency market is currently experiencing a short-term uptrend, mainly driven by Bitcoin (BTC), which recently hit a new 2023 high above $30,000.
As a result of this rally in Bitcoin, the leading cryptocurrency has regained 50% market dominance, prompting investors to turn their attention to other digital assets that may also join the rally.
In this regard, crypto trading expert and analyst Michael van de Poppe highlighted on YouTube video posted on June 23 that the altcoin market is expected to follow suit and rise in the coming days, taking advantage of the gains made by Bitcoin.
In light of this prediction, the analyst has identified three specific coins that he believes are the best investment choices in preparation for the upcoming altcoin boom. However, he noted that most altcoins remain in a depression zone despite the uptrend.
Chain link (LINK)
The analyst indicated that Chainlink (LINK) should be on investors’ radar, even though the asset has endured a bear market for the past two and a half years, stretching back to August 2020. According to Pope, once Chainlink regains the 2,300 satoshi mark , a continuation of the positive market momentum can be expected.
Notably, Chainlink peaked in May 2021 before facing a subsequent decline. He noted that Chainlink’s future price action is closely related to Bitcoin’s performance.
The analyst predicts that altcoins like Chainlink are likely to gain momentum if Bitcoin consolidates and remains flat for a few weeks.
On the other hand, if Bitcoin starts to rise again, altcoins may experience a rise in USDT values, but to a lesser extent than Bitcoin. This behavior is typical as investors tend to shift their focus to Bitcoin during periods of expansion. At press time, LINK was trading at $5.99, gaining over 12% on the weekly chart.
Chainlink seven-day price chart. Source: FinboldAvalanche (AVAX)
Pope emphasized that Avalanche (AVAX) has undergone a remarkable retest, demonstrating a promising recovery. The cryptocurrency successfully swept the lows, indicating a positive market expansion.
Based on his analysis, these periods of expansion are usually highly volatile, lasting only a few weeks. Historical data reveals a similar pattern in December 2020, followed by a peak in February. Typically, this acceleration phase lasts six to eight weeks, characterized by increased volume and momentum.
Therefore, during these critical periods, it becomes extremely important for investors to strategically position themselves in readiness for a possible upward momentum.
At press time, AVAX was trading at $12.91. Over the past seven days, the token has benefited from the overall market rally to gain over 10%.
Avalanche seven day price chart. Source: FinboldDAO Curve (CRV)
Interestingly, Pope noted that Curve (CRV) is an asset worth watching, although he acknowledged that its price is still “underwater.” However, the analyst did not share significant trends in the asset’s price trajectory, but noted that CURVE is currently experiencing a period of uncertainty as it undergoes a retest of its support levels.
Similarly, the value of CRV has also risen as a result of the overall bullish rally in the crypto market. At press time, CRV was trading at $0.67 with more than 4% daily losses. Over the past seven days, Curve is up over 8%.
Curved seven-day price chart. Source: FinboldThe overall crypto market is watching how Bitcoin’s valuation plays out over the coming days amid prevailing factors such as inflation and regulatory threat.
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