Cryptocurrency analyst and trader Michaël van de Poppe is leaning bullishly on altcoins.
From de Poppe tells His 748,300 followers on the social media platform
According to the widely followed trader and analyst, most altcoins are trading at record lows against their Bitcoin pairs.
“This means that there is still a huge upside to be achieved with those altcoins. Many of them need to rise four times against Bitcoin to match the levels seen earlier this year.
The altcoin markets have been in a bear market all year. That’s insane!”
Van de Poppe further says that the rally of altcoins is preceded by a rally of Bitcoin.
“It’s really just a confidence play where Bitcoin breaks through its resistance and makes a significant run, after which it stalls, consolidates and people who have made a significant amount of profit on Bitcoin turn to the other parts of the ecosystem – Ethereum. and altcoins.”
Bitcoin is trading at $99,169 at the time of writing, up less than a percentage point in the past 14 days. Ethereum (ETH) is trading at $4,010 at the time of writing, up about 22% in the past 14 days.
In the Ethereum ecosystem, the widely followed analyst says the second-largest crypto assets by market cap will rise first, followed by Ethereum-based large-cap altcoins.
“Smaller caps will follow at a later date, but the return on investment will be significantly higher.”
Van de Poppe says Ethereum will outperform Bitcoin in the next six to twelve months.
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