Cryptocurrency analyst and trader Michaël van de Poppe is leaning bullish on altcoins.
Van de Poppe tells his 748,300 followers on the social media platform X that altcoins are set to rally as profits generated from investing or trading Bitcoin (BTC) are channeled to the rest of the crypto ecosystem.
According to the widely followed trader and analyst, most of the altcoins are at record lows against their Bitcoin pairs.
“This means that there’s still a massive upward run to be made from those altcoins. Many of them need to go up 4x against Bitcoin to meet the levels of earlier this year.
The altcoin markets have been in a bear market for the entire year. That’s insane!”
Van de Poppe further says that the rallying of altcoins is preceded by a rally in Bitcoin.
“It’s basically just a confidence play where Bitcoin breaks through its resistance and has a significant run, after which it stalls, consolidates, and people who have been making a significant amount of profit on Bitcoin are rotating toward the other parts of the ecosystem – Ethereum and altcoins.”
Bitcoin is trading at $99,169 at time of writing, up by less than a percentage point over the past 14 days. Ethereum (ETH) is trading at $4,010 at time of writing, up by around 22% over the last 14 days.
In the Ethereum ecosystem, the widely followed analyst says that the second-largest crypto asset by market cap will rally first followed by the Ethereum-based large-cap altcoins.
“Smaller caps will follow at a later point, but the return on investment will be significantly higher.”
Van de Poppe says that over the coming six to 12 months, Ethereum will outperform Bitcoin.
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