Popular cryptocurrency analyst Michaël van de Poppe continues to support altcoins to achieve spectacular gains in the coming months. IN fresh post X on Saturdayan experienced analyst goes into detail explaining the reasons behind his support for investing in altcoins ahead of the highly anticipated cryptocurrency bull run.
Investing in Altcoins is the best – analyst tells why
In his latest bullish altcoin forecast, van de Poppe starts by saying that these tokens may not be the most ideal investment, especially considering that their total value has dropped by 70% compared to Bitcoin over the last three months.
The analyst attributed the impoverished performance to several factors, including delays in network upgrades and a prolonged bear market. Additionally, van de Poppe also notes Ethereum’s current efforts to make a significant contribution to the market downturn.
He explains that typically crypto bullish buzz moves from Bitcoin to Ethereum, then to large-cap tokens, then mid-cap tokens and then small-cap tokens.
However, this cycle appears to be experiencing some delay due to bear clouds on Ethereum due to uncertainty around the approval of the proposed Spot Exchange Traded Fund (ETF) and its asset class.
Nevertheless, van de Poppe believes that this delay is quite fleeting, as he postulates that market investors are currently pricing in any potential negative effects of refusing to grant an Ethereum Spot ETF or classify a valid altcoin as a security.
As Ethereum goes on a bullish course, van de Poppe predicts that other altcoins will follow suit. The analyst predicts that some tokens could see 1,000% growth between October 2023 and February 2024, amid the hype around spot Bitcoin ETFs.
However, the analyst urges investors to buy the altcoin market now during the period of “lowest confidence”. He believes that doing so is similar to investing $3,700 in Bitcoin in early 2020, thus ensuring investors get maximum profits in the coming bull market.
Ethereum ETF approval on balance
As the weeks pass, approval of the Ethereum spot ETF by the U.S. Securities and Exchange Commission (SEC) appears highly uncertain.
These sentiments stem from the Commission’s ongoing discussions on whether to classify Ethereum as a security, as well as the lack of dialogue between the agency and potential issuers. The next deadlines are May 23/24, during which the SEC will respond to 2 ETF applications, with many analysts expecting further delays from the Commission.
At the time of writing, Ethereum is trading around $3,123.39, reflecting an enhance of 0.53% in the last day.
Featured image from Business Insider, chart from Tradingview
