Altcoins Set to Surge Following Completion of Bitcoin Halving
Renowned expert in cryptocurrency, Michael van de Poppe, recently provided insights into altcoins that he believes are poised for a significant surge. In his latest analysis, he delved into the current state of the crypto market, with a particular focus on Bitcoin’s resistance level and how it could impact the altcoins he is betting on.
Top 5 Altcoins Taking the Lead
Van de Poppe’s attention on altcoins highlights their potential for outperforming in the current market. In his detailed analysis, he hones in on specific altcoins that he believes present a perfect buying opportunity in this cycle, namely Chainlink (LINK), Arbitrum (ARB), SKALE, Covalent, and SEI (SEI).
Chainlink stands out in van de Poppe’s analysis, despite recent price corrections. He sees significant upside potential for Chainlink, especially with the growing interest in DeFi and decentralized applications (dApps).
Turning his focus to Skale Network (SKL), van de Poppe notes that it is positioned as a layer 2 solution for Ethereum, aiming to improve scalability and reduce gas fees. While it may face resistance from Bitcoin during a consolidation phase, technical indicators suggest a potential breakout that could push its value up by 240% to reach the next resistance level.
Covalent (CQT) is another project that van de Poppe highlights. It focuses on modular blockchain solutions, with the aim of simplifying blockchain development and integration. Van de Poppe sees Covalent as a competitor to established players like Tia and believes it has significant growth potential. With its price declining by over 40% against BTC, CQT presents an appealing investment opportunity for those interested in crypto data infrastructure.
Arbitrum is noted for its roll-up mechanism, offering faster and more scalable transactions compared to Ethereum. Its all-time high (ATH) was $2.39 three months ago, and Bitcoin’s positive influence suggests that it could surpass this ATH in Q2 after its halving. Van de Poppe considers Arbitrum the best crypto to buy this year for gains.
Lastly, the new layer-1 protocol SEI Network, which launched on the mainnet in August, has caught attention. Its token, SEI, has reached new all-time highs during this market cycle, including $1.14 on March 16. Van de Poppe highlights its potential for investors looking to diversify into promising but less established projects.
Bitcoin Takes Center Stage
Van de Poppe notes that Bitcoin’s price is currently consolidating near its all-time high, driven by narratives surrounding ETF inflows. He suggests that while Bitcoin may experience sideways movement in the near term, there could be significant buying opportunities in the mid-$50K to low $60K range.
He also outlines a potential scenario where Bitcoin rallies to new all-time highs, projecting a range of $75K to $80K. However, he believes that any such rally would primarily provide liquidity above previous highs before further consolidation. This movement in Bitcoin, according to van de Poppe, will have a ripple effect on the altcoin market.
Confidently, the expert states that he believes Bitcoin will finish the year at no less than $80,000. As of now, BTC is valued at $65,698.
Tags: Altcoins, Bitcoin Halving