In a recent analysis, crypto trader Michaël van de Poppe discusses the current state of Ethereum (ETH) and Bitcoin (BTC), as well as naming altcoins that he believes could potentially outperform the slumping cryptocurrency markets. With 663,900 followers on X, a popular social media platform, Van de Poppe suggests that ETH’s current price dip may be influenced by BTC’s upcoming halving event.
Van de Poppe points out that in 2019, Ethereum experienced a dip towards the cycle low in September, which occurred eight months prior to the Bitcoin halving. Similarly, in 2023, Ethereum seems to be reaching a low again eight months prior to the halving. This historical pattern indicates a possible correlation between Bitcoin’s halving event and the price movements of Ethereum.
Currently, ETH is valued at $1,644, reflecting a 7.6% decrease in the past week. Van de Poppe then shifts his focus to Bitcoin, suggesting that it may follow the trajectory of other commodities such as silver and gold. He notes that silver and gold have shown significant strength following poor Purchasing Managers’ Index (PMI) rates, and predicts that Bitcoin will likely follow suit. To support his point, Van de Poppe provides a chart illustrating how Bitcoin moves alongside commodities. For instance, silver has regained all its losses and returned to levels last seen in July. Van de Poppe speculates that Bitcoin could similarly surge back to $30,000 if another low around $24,000-$25,000 is reached, and expresses his intention to invest before the bullish trend.
BTC is currently trading at $26,042, showing an 8% decline over the previous seven days. In addition to his analysis of Ethereum and Bitcoin, Van de Poppe shares his insights on altcoins that he believes have potential. He categorizes them as “newer coins” and “memecoins.” The newer coins he mentions are ARB, OP, INJ, and SUI, while the memecoins he highlights are PEPE and DOGE. Van de Poppe suggests keeping an eye on these coins as they may provide opportunities for outperformance.
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In conclusion, Van de Poppe’s analysis suggests that Ethereum’s current price dip could be related to Bitcoin’s upcoming halving event. He also indicates that Bitcoin’s movement may be influenced by commodities such as silver and gold. Furthermore, he identifies altcoins, both newer coins and memecoins, that he believes could outperform the slumping cryptocurrency markets. As always, investors should conduct their own research and exercise caution before making any high-risk investments in the volatile crypto market.
Note: The opinions expressed in this analysis are those of the author and should not be considered as investment advice. It is important to conduct thorough due diligence and seek professional advice before making any investment decisions in the cryptocurrency market.
