"Van de Poppe: Solana Altcoin Wormhole Poised for Breakout, Bitcoin's Explosive Move Awaits PPI Report"

Crypto Trader Anticipates Breakout for Solana-Based Altcoin in Coming Weeks, Updates Bitcoin Outlook

Analyst and trader Michaël van de Poppe has shared his insights on the cryptocurrency market, highlighting a potential breakout for a Solana (SOL)-based altcoin and providing an update on Bitcoin's outlook.

Van de Poppe, with a following of 774,000 on the social media platform X, has identified the cross-chain messaging protocol Wormhole (W) as a potential candidate for a breakout. He noted that W is showing bullish divergence on the weekly chart, suggesting a possible price increase. This occurs when the price of an asset records lower lows while indicators like the Relative Strength Index (RSI) witness higher lows.

W is currently trading at $0.1798, up 1.1% in the last 24 hours. Van de Poppe believes that the altcoin market remains unchanged, and W may still experience a potential bullish divergence and falling wedge breakout in the coming weeks.

Turning his attention to Bitcoin, Van de Poppe suggests that the cryptocurrency may be poised for an explosive move. He expects the Producer Price Index (PPI) report, due on Thursday, to drive Bitcoin's price towards the lower areas of its range before a potential rebound. Van de Poppe emphasizes that the trend for Bitcoin is clearly upward, and the longer the accumulation phase lasts, the heavier the breakout will be.

Bitcoin is currently trading at $96,496, down 1.3% in the last 24 hours. Van de Poppe also suggests that Bitcoin's current cycle may extend longer than its historic four-year cycles. He believes that the altcoin bull market has not yet occurred, and the bear market was the longest ever, which should peak in six months. Van de Poppe's main thesis is that the cycle will be longer than previously expected.