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Renowned trader and technical analyst Michael van de Poppe believes that altcoins are surging and that ethereum will benefit from the next rally.
Van de Poppe, who shares ideas with his 697,000 followers on .
#Altcoin The market capitalization is increasing slowly.
The upside could be captured in bitcoin, meaning a rotation towards altcoins.
Therefore, ethereum is likely to reach $4,500-5,000, while altcoins will accelerate with 2-4x returns. pic.twitter.com/FKEaPpjrZv
—Michaël van de Poppe (@CryptoMichNL) February 29, 2024
It is worth remembering that layers 2 on ethereum are experiencing a boom in total value locked, driving eth to new peaks. Additionally, it appears that attention is turning to the possibility of an ethereum spot ETF by May 2024.
This week, the price of several altcoins has skyrocketed, especially meme coins like WIF and PEPE. Solana hit an intraday high of $134, gaining more than 10% in 24 hours.
Possible bitcoin correction?
As for bitcoin, Van de Poppe hinted at a possible correction following significant net inflows driven by institutional demand. He points possible support levels at $46,000 or $53,000.
Poppe is not the only analyst warning of setbacks. Daniel Yan, co-founder of Matrixport, warned against a possible 15% correction at the end of April, which would be around $52,000-53,000.
Similarly, well-known cryptocurrency trader Ali (Ali_Charts on X) reports a notable increase in profit-taking by bitcoin whales. highlighting that in the last three days, they have sold more than 80,000 btc, equivalent to around 4.8 billion dollars.
Ali also noted that the TD Sequential indicator has signaled a sell on the 4-hour chart for bitcoin. He notes that since February 15, “every sell signal from this indicator has been on target, leading to $btc price corrections between 1.50% and 4.20%.”
However, only time will tell if bitcoin will find and maintain support above $50,000 or correct below that figure. One thing remains certain: bitcoin and the broader crypto market have had their best month in years, with btc adding thousands of dollars to its price daily and most altcoins going vertical this week.
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