dailyhodl.com
One widely followed crypto analyst is warning Ethereum (ETH) traders that an ETH exchange-traded fund (ETF) approval from the U.S. Securities and Exchanges Commission (SEC) is unlikely to happen soon.
Crypto trader Michaël van de Poppe tells his 715,800 followers on the social media platform X that traders may have to wait a little longer for an ETH ETF.
“The Ethereum ETF is likely not going to be approved in May.
However, the markets are undervaluing a potential approval in August, as Ethereum is still getting sold off.
I think the chances of an approval in August is positive, through which I expect Ethereum to outperform.”
According to Van de Poppe, the current turbulence of the crypto markets presents an opportunity for crypto investors.
“You wanted to buy Bitcoin at <$60,000.
You wanted to buy Chainlink at <$15.
You wanted to buy any altcoin in a correction.
However, now, emotions kicked in and sentiment expects another drop, while the opportunity is here.
Maybe you don’t feel you want to, but this is the time.”
According to Van de Poppe, he favors trading newer altcoins over the “old” ones.
“Old coins continue to provide bad returns as Polygon (MATIC) is on a cycle low.
It’s in the area of interest, but you should wonder whether it is going to generate a lot of returns or whether a new coin is going to yield higher upward returns.
To me: I stick to new coins.”
MATIC is currently down 20% in the last month.
The analyst concludes by noting the most recent Federal Open Market Committee (FOMC) data is helping fuel today’s Bitcoin (BTC) rally and a wider altcoin bull run.
“Terrible economic data -> DXY (US dollar index) down, additionally the case for quarterly earnings and rate cuts will increase and therefore risk-on assets rally.
Bitcoin back to $61,600.
FOMC was the low for the markets and the altcoin bull market has started.”
BTC is worth $61,702 at time of writing, up 4% on the day.