May 23, 2024
By Anjali Kochhar
Altcoins, the cryptocurrencies alternative to Bitcoin, are attracting increasing interest from analysts and investors alike. In the midst of a prolonged bearish market, some experts believe now is the time to invest in these digital assets.
Michaël van de Poppe, a prominent crypto analyst, recently reiterated his support for altcoins, predicting a spectacular bullish performance in the coming months. This article explores the reasons behind this recommendation and the potential implications for investors.
After his bleak predictions about Bitcoin, Van de Poppe is now advocating for altcoins, forecasting significant gains despite their 70% drop compared to Bitcoin over the past three months. He attributes this poor performance to several factors, including delays in network upgrades and a prolonged bearish market. Additionally, ether’s current difficulties have contributed to this slowdown.
The typical crypto market cycle, where enthusiasm shifts from Bitcoin to ether, and then to large, medium, and small-cap tokens, seems to be delayed by uncertainties regarding the approval of a spot ETF for ether. However, Van de Poppe believes that once ether embarks on a bullish trajectory, other altcoins will follow, potentially recording considerable gains. He anticipates increases of up to 1000% for some tokens, similar to those observed between October 2023 and February 2024.
Despite the uncertainty surrounding the approval of the spot ETF for ether, with the SEC’s response deadlines for ETF applications set for May 23 and 24, Van de Poppe sees this as a buying opportunity for savvy investors. He compares the current opportunity to investing in Bitcoin at $3,700 in early 2020, a decision that proved extremely lucrative for those who seized the moment.
Van de Poppe emphasises the importance of staying informed and responsive to crypto market developments. By remaining attentive to regulatory developments and market trends, investors can maximise potential profits during the next altcoin surge.
Although altcoins offer promising prospects, it is crucial to remember that the crypto market remains extremely volatile and uncertain, carrying significant risks despite optimistic forecasts.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
