19 September 2021
Famous crypto Analyst and trader Michaël van de Poppe believes that Ethereum and other altcoins will erupt tremendously if Bitcoin’s rebound continues.
According to Van de Poppe, the BTC market needs to mark new higher lows for unleashing the rest of the crypto space. “If we look at the price action of Bitcoin, we can clearly see and state that we’re holding above [$31,000]”.
If this is sustained and the market grants a higher low, then we’ve found a temporary bottom [and] we’ll test [$40,000] soon. This would also lead altcoins to surge by 80-150%, Van de Poppe claims.
Furthermore, he said that currently, the mindset is ultra bearish, but everybody is interested in Ethereum at [$3,500]. “ Now Ethereum is down 55% from the highs, maybe even 60%, and you are waiting for an opportunity to buy it at [$1,000] or [$1,400], which is completely fine, but why wouldn’t you want to look at positions at this stage, when the market is down so much and when it’s at actual support levels?”
At the time of writing, ETH is trading at $2,072.29, hitting a low of $1,734.47 earlier this week, as per CoinGecko.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.