Altcoins
Michaël van de Poppe predicts a major altcoin pump triggered by Ethereum market resilience
The cryptocurrency market has turned bearish in the medium term Bitcoin (BTC) price. it slipped below $64,000 during the London session on Friday. The significant cash outflows from the US-based spot Bitcoin exchange-traded funds (ETFs) have weighed heavily on bullish sentiment over the past five days.
On Thursday, Grayscale’s GBTC and Fidelity’s FBTC led to net cash outflows of about $53 million and $51 million. Notably, BlackRock’s IBIT alone saw a small cash inflow of around $1 million on Thursday.
Ethereum Bulls Thrive on Bitcoin
As Bitcoin whales continue to weigh heavily on medium-term bullish sentiment with accelerated liquidation, on-chain data shows Ethereum whales are on the hunt. For example, a Justin Sole Binance’s associated wallet purchased 9,338 Ether on Friday, worth over $30 million.
On the other hand, Bitcoin whales, led by the German government, continued to deposit on for-profit exchanges over the past 24 hours.
Poppe predicts an early Altseason
According to renowned crypto analyst Michaël van de Poppe, the altcoin industry is on the verge of gaining bullish momentum against Bitcoin after more than two and a half years. The crypto analyst noted that the ETH/BTC pair has shown some resilience against a downtrend.
As a result, Poppe indicated that the price of Ethereum against the US dollar will increase exponentially in the near term, as long as the ETH/BTC pair remains above 0.05.
The altcoin industry has already attracted considerable attention from institutional investors, as demonstrated by the SolanaETP in Canada. Furthermore, Bitcoin’s dominance is on the verge of a major trend reversal, which will intensify cryptocurrency rotation in favor of altcoins.