In a recent tweet, crypto analyst Michaël van de Poppe states that altcoins, including Ethereum (ETH), are showing signs of a potential upward movement. Van de Poppe suggests that the current market conditions resemble those before previous Bitcoin (BTC) halving events.
According to Van de Poppe, investor sentiment and altcoin prices typically reach their lowest point around 10 months before a BTC halving event. The next BTC halving is expected to occur on April 20, 2024. Van de Poppe believes that altcoins will soon turn bullish, just as they have in the past.
He emphasizes the importance of positioning oneself early in the market cycle, as every rally currently gets sold into due to skepticism and a desire to exit the market. However, once the real move begins, it becomes difficult for investors to enter their desired positions. Van de Poppe states that these patterns have occurred before previous halving events and are likely to happen again this time around.
To support his analysis, Van de Poppe points to the Bitcoin dominance chart, indicating that it is flashing bullish signs for altcoins. He notes that the 200-week moving average (MA) and the 200-week exponential moving average (EMA) are acting as resistance levels, just as they did before the 2020 halving. This suggests that altcoins are slowly picking up momentum against BTC, marking the beginning of a new cycle.
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Van de Poppe also highlights the progress made by several altcoin projects during the bear market, such as Ethereum and Chainlink (LINK). He mentions that Ethereum has transitioned to a proof-of-stake (PoS) model and will soon have Ethereum exchange-traded funds (ETFs) based on futures. Additionally, Chainlink has developed its Cross-Chain Interoperability Protocol (CCIP).
At the time of writing, Ethereum is trading at $1,733, with a 5.1% increase in the past 24 hours. Chainlink is valued at $6.23, with a 4.5% increase in the same timeframe. These positive price movements further support Van de Poppe’s prediction of an upcoming rally in altcoins.
It’s important to note that the opinions expressed by Van de Poppe should not be considered investment advice. Investors are advised to conduct their own research and exercise caution before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets.
In conclusion, based on historical patterns and current market conditions, crypto analyst Michaël van de Poppe believes that altcoins, including Ethereum, are likely to experience a bullish trend leading up to the next Bitcoin halving event. He highlights the importance of early positioning and notes the positive developments within altcoin projects, further supporting his prediction. However, investors should always perform their own due diligence and make informed decisions before engaging in any investment activities.
