On a recent YouTube video, Michaël van de Poppe, a highly respected figure in the sphere of crypto analysis, revealed his top 5 altcoin picks for 2024. Van de Poppe, known as the founder of Eight Global, emphasized the importance of a balanced approach on speculative betting in lesser known companies. alternative currencies. He said: “I don't believe in getting into very small altcoins to maximize risk. Combining its returns with an appropriate strategy generates long-term benefits.”
ethereum (eth): the main crypto option
Van de Poppe's main recommendation is ethereum. The crypto analyst rationalizes this choice by pointing out the crowded space that bitcoin currently occupies, suggesting a shift in focus towards altcoins. He articulated: “bitcoin has already been experiencing a lot of upside (caused by the ETF hype)… it is getting a bit saturated and I think the upside is relatively limited.”
He added that ethereum is currently bottoming against bitcoin. “I think ethereum is undervalued right now because there is a deflationary system involved.” His belief in ethereum is due to its fundamental growth and the deflationary aspect of its economic model.
Regarding the eth/USDT 3-day chart, he commented: “ethereum is holding a crucial level at $2,150 and is ready to continue the upward path. “We have probably bottomed out in the eth/btc pair and peaked in bitcoin dominance.”
Scalability Solutions: Arbitrage and Optimism
Delving deeper into the ethereum ecosystem, van de Poppe highlighted the importance of scalability solutions. He considers Arbitrum an attractive crypto investment, especially given its current stage and growth potential.
“Arbitrum doesn't have much price action yet, which is complicated, but it can offer a very interesting investment thesis,” he explained, underlining its bullish trend against bitcoin. “The retest at $0.98 worked, the continuation also towards $1.35 and even higher. Some beautiful S/R changes, I think between $1.40 and $1.45 should hold and we can continue up to $2,” he stated.
Optimism is your second choice scalability solution, albeit with a note of caution about its recent substantial progress. Van de Poppe recommends a dollar-cost averaging strategy for Optimism, noting that “the hype is already substantial here…buy a slice of every 10 cents that's falling to ensure you get a good average entry.”
Chainlink (LINK) – The dark horse
Chainlink (LINK) emerged as their fourth pick. Van de Poppe sees its prolonged bear market and initial spike against bitcoin in 2020 as indicators of significant potential, especially in combination with DeFi, RWA, and nft. “Chainlink… has been entering the longest bear market ever… cycles will happen, and that is why the opportunity costs are large,” the crypto analyst commented.
“Chainlink shows that markets are looking for a higher low in btc pairs. bitcoin pairs show strength in altcoins and are a key indicator in bull markets. As long as LINK stays above 0.000253 btc, it is fine and we can start targeting 0.006 btc,” van de Poppe noted.
SUI: the new competitor
The latest altcoin in van de Poppe's selection is SUI, a newer project that he compares to successful platforms such as Phantom, Avalanche and Matic. He advises investing in ethereum competitors and states: “The last one I am going to explain here is SUI, which is currently also starting to trend upwards. However, I am not sure what will happen, but outside of the ethereum ecosystem and the DeFi corner.”
He added: “I want to invest in ethereum competitors and you can choose SUI, DOT, ATOM, all those projects. I would like to choose something that is relatively new, SUI.”
Looking at the 1-day chart of SUI/btc, the crypto analyst stated: “The ecosystems are heating up and SUI is waking up along with ARB and OP. Looking here for the btc pair, which is ready to make a nice retest in the 0.00001710 area. If that holds, an uptrend to 0.00003000 btc is likely to begin.”
crypto Portfolio Distribution and Strategy
Van de Poppe suggests a balanced portfolio distribution, advocating a larger allocation to more established coins: 40% in ethereum, 20% in Chainlink and smaller portions in Arbitrum and Optimism (each 15%), as well as SUI (10% ). He also emphasized the need for a dynamic approach to trading and making profits, saying: “Trading is very much about being flexible and having a flexible mindset.”
Featured image from BoliviaInteligente / Unsplash, chart from TradingView.com
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