Crypto strategist and trader Michaël van de Poppe lists the top five altcoins he is bullish on for 2024.
In a new strategy video, Van de Poppe tells his 162,000 YouTube subscribers that his top altcoin pick this year is smart contract platform Ethereum (ETH).
Traders believe that money will soon flow from Bitcoin to ETH following a significant rally in BTC to end 2023.
Looking at his charts, the trader suggested that ETH would hit $3,400 later this year.
He also suggested that ETH against BTC (ETH/BTC) appears to have hit a market bottom around 0.0491 BTC ($2,221).
This ETH/BTC pair is trading at 0.05322 BTC ($2,377) at the time of writing.
He also believes that once a spot market exchange traded fund (ETF) is approved for Bitcoin, an Ethereum spot market ETF will soon be approved and this will be the catalyst for the ETH rally.
Finally, he suggests that the deflationary nature of ETH resulting from the transition to a proof-of-stake consensus mechanism has not yet been reflected in the market.
Next, traders believe that ETH layer 2 scaling solution Arbitrum (ARB) is printing a bullish pattern for Bitcoin (ARB/BTC), pushing higher highs and lower lows.
ARB/BTC is trading at 0.0000393 BTC ($1.78) at the time of writing. Looking at the chart, the trader suggests that Arbitrum will surge to 0.0000647 BTC ($2.93).
His next choice is Optimism (OP), another layer 2 scaling solution. He predicts operating profits will adjust to the $2.78 range after a big rebound, before bouncing back above the $4.50 level in the coming months.
Bullish is trading at $4.01 at the time of writing, up 4.3% in the last 24 hours.
The fourth altcoin on the list of traders is the decentralized oracle network Chainlink (LINK).
He says LINK is starting to bullish against Bitcoin (LINK/BTC) and is printing a bullish pattern of higher lows and higher highs. He says he is watching LINK/BTC closely to see if it breaks the key resistance level of 0.000450 BTC ($20.36), which would indicate a major breakout is in the works.
LINK/BTC is trading at 0.0003472 BTC ($15.71) at the time of writing.
Finally, traders choose Sui (SUI), a new ETH rival. He says SUI has the potential to perform as strongly as Fantom (FTM), Avalanche (AVAX), and Polygon (MATIC) in 2021.
As of this writing, SUI is worth $0.865.
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