Michaël van de Poppe Anticipates Significant Altcoin Surge Driven by Ethereums Market Strength
The cryptocurrency market has taken a bearish turn in the midterm, with Bitcoin (BTC) dropping below $64k during the London session on Friday. The bullish sentiments have been heavily impacted by significant cash outflows from United States-based spot Bitcoin exchange-traded funds (ETFs) in the past five days.
On Thursday, Grayscale’s GBTC and Fidelity’s FBTC experienced the highest net cash outflows, with approximately $53 million and $51 million respectively. Interestingly, only BlackRock’s IBIT saw a small cash inflow of around $1 million on Thursday.
While Bitcoin whales continue to impact midterm bullish sentiment with accelerated liquidation, on-chain data reveals that Ethereum whales are making their move. For example, a Binance wallet associated with Justin Sun purchased 9,338 Ether, valued at over $30 million, on Friday.
On the other hand, Bitcoin whales, led by the German government, have been depositing into exchanges to take profits over the past 24 hours.
Despite the overall downward trend in the markets, Ethereum is displaying some resilience. Crypto analyst Michaël van de Poppe predicts that an altseason is on the horizon, with Ethereum leading the way. Poppe believes that as long as the ETH/BTC pair stays above 0.05, there is hope for a reversal in the trend. This would be the first uptrend in over two and a half years, bringing strength to the altcoin markets.
According to Poppe, the altcoin industry is poised to gain bullish momentum against Bitcoin. He expects Ethereum’s price against the US dollar to rally significantly in the near future, as long as the ETH/BTC pair remains above 0.05.
Institutional investors are already showing interest in the altcoin industry, as evidenced by the Solana ETP in Canada. Additionally, Bitcoin dominance is on the brink of a major reversal, which will likely result in increased rotation of crypto cash in favor of altcoins.
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Altcoins
Ethereum
Price Analysis