Crypto analyst and trader Michaël van de Poppe is bullish on altcoins.
Van de Poppe told his 748,300 followers on social media platform
According to a widely known trader and analyst, most altcoins are hitting all-time lows compared to Bitcoin pairs.
“This means altcoins will still see massive upside. Many of them would need to rise 4x against Bitcoin to meet levels seen earlier this year.
The altcoin market has been in a bear market all year. “This is so crazy!”
Van de Poppe also says that the rally in altcoins precedes that in Bitcoin.
“This is basically just a confidence play where Bitcoin breaks through resistance, rises significantly, then stagnates, consolidates, and people who have made significant profits on Bitcoin pivot towards another part of the ecosystem, Ethereum. And altcoins.”
Bitcoin is trading at $99,169 at the time of writing, up less than 1% over the past 14 days. Ethereum (ETH) is trading at $4,010 at the time of this writing, up about 22% over the past 14 days.
A well-known analyst in the Ethereum ecosystem says the second-largest cryptocurrency asset by market capitalization will rebound first, followed by large Ethereum-based altcoins.
“Smaller amounts of capital will follow later, but the return on investment will be much higher.”
Van de Poppe said Ethereum will outperform Bitcoin over the next six to 12 months.
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