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- Michael van de Poppe revealed that now may be the perfect time to stock up on altcoins.
- The analyst also predicted that altcoins may soon enter into their respective bull cycles.
- As hype surrounding BTC Spot ETFs starts to simmer, van de Poppe predicts ETH could rise to above $3K.
The renowned cryptocurrency trader and analyst Michael van de Poppe stated in his latest analysis that now may be the perfect time to stock up on altcoins. In the video, he also predicted that the altcoin market may be entering a bull cycle.
At the core of van de Poppe’s prediction, the altcoins may rally soon, as the dominance of Bitcoin (BTC) may be leveling off. He also shared that the hype surrounding Spot Bitcoin ETFs (exchange-traded funds) may be cooling down as well. Subsequently, he anticipates that capital will soon flow from BTC into altcoins.
Given the fact that Ethereum (ETH) is the largest altcoin in terms of market cap, he expects it to benefit the most from this potential shift in capital allocation. Adding to his bullish outlook for ETH, the analyst believes that the hype surrounding Spot Ethereum ETFs could drive its price in the coming weeks as well.
Should this bullish thesis be validated, the altcoin market leader’s price could rise to above $3K, predicted van de Poppe. ETH is not the only altcoin that the analyst has his eyes on. He also revealed that Chainlink (LINK) has attracted his attention given its strong performance in the past few weeks.
The analyst noted that there has been a bullish shift in trend for the LINK/BTC pairing over the past few days, which may lead to LINK rallying soon. Before this, however, he warned that there may be a brief correction before the cryptocurrency enters another leg up.
At press time, BTC, ETH, and LINK were all down. The market leaders BTC and ETH saw their prices drop 4.13% and 4.84%, respectively, over the past 24 hours, according to CoinMarketCap. Meanwhile, LINK was the biggest loser, as it recorded a 24-hour loss of 7.96%.
The post These Two Altcoins May Soon Benefit From BTC’s Gains: Analyst appeared first on Coin Edition.