Back to the list

Top Ethereum Challenger Could Skyrocket by Over 2x, According to Crypto Analyst Michaël van de Poppe

source-logo  dailyhodl.com 24 May 2024 08:34, UTC

A widely followed crypto analyst believes one Ethereum (ETH) competitor could more than double in price.

Crypto trader Michaël van de Poppe tells his 718,900 followers on the social media platform X that interoperability blockchain Polkadot (DOT) is poised to rally due to major network advances.

He also says DOT is likely to see a boost from ETH’s upward momentum as well.

“Polkadot did a retest at the crucial levels and wakes up slowly. Given their Polkadot 2.0 release and the JAM ( Join-Accumulate Machine) white paper and the correlation with ETH, I’m expecting a lot from them. Next target is likely $18.”

Source: Michaël van de Poppe/X

Polkadot is trading for $7.14 at time of writing, up more than 4% in the last 24 hours.

The analyst also believes the broader altcoin market is entering a bullish phase after correcting.

“The altcoin market capitalization has finished its correction. The next step: reaching all-time high, which is ~60%-70% from here. I think Ethereum is likely reaching that in the next two-four months.”

Source: Michaël van de Poppe/X

He says alts could outperform Bitcoin (BTC) in the months ahead.

“The altcoins are still heavily undervalued. Most of them are down 70% against Bitcoin. That doesn’t mean we shouldn’t be having any correction, but feeling fear of missing out (FOMO) here is the wrong emotion to have. In the coming months, I expect altcoins to do way better.”

Lastly, the analyst says he is bullish on Bitcoin but expects the crypto king to retest the $68,000 level on the 12-hour chart before continuing upward.

“Bitcoin slowly consolidating. Expecting a retest at the $68,000 mark, before a continuation upwards. The trend is clearly upwards.”

Source: Michaël van de Poppe/X

Bitcoin is trading for $67,553 at time of writing, down more than 2% in the last 24 hours.

Generated Image: DALLE3