Analyst Says Altcoin That’s Exploded Over 2,800% Year-to-Date Primed To ‘Do Better,’ Updates Outlook on Bitcoin

A well-known cryptocurrency analyst predicts that one altcoin, which has experienced significant gains in the past year, is set to continue its upward trajectory.

On social media platform X, crypto strategist Michaël van de Poppe, with over 722,300 followers, highlights that the decentralized finance ecosystem Mantra (OM) is poised for further growth after its impressive 2,800% increase year-to-date.

“OM has reached a new all-time high! Following a confirmed breakout, it has seen nearly 30% profit since the last update. With the market dynamics shifting and real-world assets (RWA) gaining prominence, I anticipate OM to perform even better in the upcoming period.”

Recently, Mantra secured a $500 million RWA deal with UAE developer MAG. At the time of writing, OM is priced at $1.29, showing a slight increase for the day. Compare this to August last year when OM was valued at $0.018.

Shifting focus to the leading cryptocurrency, van de Poppe suggests that as long as Bitcoin (BTC) maintains a price level above $60,000, it is likely to continue its growth trajectory.

“Bitcoin is currently consolidating within a four-month range. As long as it holds above $60,000, we can expect further upward momentum. With gold hitting new all-time highs and falling yields, it’s only a matter of time before Bitcoin follows suit.”

GSwMHVoXAAAXe4O — Source: Michaël van de Poppe/X

The analyst delves into Bitcoin’s miner capitulation rate and hashrate drawdown to suggest that the cryptocurrency’s next surge could propel it into six-figure territory.

“Bitcoin miners are currently capitulating, with the True Hashrate Drawdown hitting a significant low on July 1st. This indicates a cycle bottom. Since the Mt. Gox news, Bitcoin has surged by 20%. The next phase could see Bitcoin reaching $110,000.”