Michaël van de Poppe Flips Bullish on NEAR Protocol (NEAR), Says Bitcoin (BTC) May Trade Sideways Until It Breaks ATH

Analyst and trader Michaël van de Poppe is flipping bullish on one layer-1 protocol following a massive correction.

Michaël van de Poppe, an analyst and trader, is turning bullish on one layer-1 protocol following a large correction.

According to van de Poppe, NEAR (token of Near Protocol) could see a 500% surge and reach $20 within the next three to six months. He shared his thoughts on the matter in a recent analysis.

“Pretty ideal spot for NEAR. It took all the liquidity beneath the lows and seems to have a strong weekly candle. If this is the liquidity sweep, then next target is $15-$20 in the next three-six months.”

At press time, NEAR trades at $3.33, showing a 5.6% increase over the last 24 hours.

The analyst also believes that Bitcoin (BTC) might trade sideways until it manages to break through the resistance level at around $108,000, which marks BTC’s all-time high.

“Anyways, Bitcoin stuck in the range, the real inflection will occur once it breaks ATH. For now, just consolidation before the next leg up.”

Bitcoin trades at $97,787 at press time, up 1.1% in the last 24 hours.

Finally, van de Poppe suggests that Ethereum (ETH) might be forming a bullish divergence on the weekly chart against Bitcoin (ETH/BTC).

A bullish divergence, which suggests price will start to increase, occurs when the price of assets records lower lows while indicators, such as the Relative Strength Index (RSI), a momentum oscillator indicator, are witnessing higher lows.

“Next week is going to be a massive week for ETH. If this closes in such a wick and next week ETH goes back above 0.03, the bullish divergence is valid.”

At press time, ETH/BTC trades at 0.02753 BTC ($2,692), down 1.82% in the last 24 hours.