Cryptocurrency strategist Michaël van de Poppe is of the opinion that Litecoin (LTC) and Ethereum (ETH) are about to experience significant price surges. Van de Poppe recently held a strategy session where he explained his reasoning behind these predictions.
Van de Poppe is confident that Litecoin’s upcoming halving could push the peer-to-peer payments network to a level last seen in December 2021. He believes that the coin is just one resistance area away from experiencing a rapid price increase, stating that if it breaks through $100, a rally is very likely. He also predicted that if this occurred, the coin would peak out around the area of $160 to $180. At present, Litecoin is trading for $93.39, showing a slight decrease in the last 24 hours.
Van de Poppe also stated that Ethereum, the leading smart contract platform, is in a similar position. According to him, as long as Ethereum is trading above $1,800, it has a chance to take out its immediate resistance. He stated that once it starts to take out the $1,903 resistance level, he anticipates that the coin will accelerate towards $2,800. He added that as long as Ethereum remains above $1,800, he predicts that it will rise quite fast. Currently, Ethereum is valued at $1,881, showing a fractional decrease on the day.
Litecoin’s halving event is scheduled to take place in August 2021. The term ‘halving’ refers to the mechanism where the rewards given to miners for mining new blocks on the network are reduced by 50% every four years. Each time a halving occurs, the rewards given to miners are reduced, creating scarcity in the asset and typically driving its price higher. In the past, halving events have had a significant impact on Litecoin’s price, and van de Poppe expects that it will impact it positively again.
Another reason why both Litecoin and Ethereum may experience a surge in desirability is due to the recent dip in Bitcoin (BTC), the world’s largest cryptocurrency by market cap. A dip in Bitcoin often leads to an increase in altcoin purchases, as investors diversify their portfolio. This was the case during the weekend, with Ethereum’s price seeing a slight increase while Bitcoin’s price continued to dip.
Van de Poppe’s predictions come amidst a growing sense of bullishness in the cryptocurrency market. Investors and traders alike are eyeing the industry with heightened anticipation, following several months of relative stability. In recent weeks, however, investors have started flocking back into the market, eager to get a piece of the action.
The latest price surges may also be linked to the increasing institutional adoption of cryptocurrencies. Companies like PayPal, Tesla, and Square have all made significant investments in digital assets, and this has led to renewed interest in the industry.
In conclusion, van de Poppe’s predictions have given investors renewed confidence in Litecoin and Ethereum. Both coins are expected to experience significant price surges in the coming weeks and months. With the cryptocurrency market showing signs of renewed bullishness, now could be an excellent time to invest in these digital assets.