Top Analyst Predicts Ethereum to Reach $8,000

• Renowned cryptocurrency analyst Van de Poppe has shared a bullish outlook for Ethereum and the broader altcoin market.
• The upcoming launch of the Ethereum ETF and growing institutional interest are expected to push Ethereum to a potential new all-time high.

Van de Poppe, a well-known cryptocurrency analyst, has made headlines with his bullish prediction on altcoins. After a correction that stopped two weeks ago, Van de Poppe expects huge gains from altcoins led by the proxy, Ethereum.

In a recent tweet On X, Van de Poppe predicted that the second half of this year will see a continued upward trend for altcoins. According to the analyst, many altcoins will multiply their current asset values ​​by 5 to 10 times. Ethereum, the largest altcoin, is expected to rise between $6,000 and $8,000.

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Van de Poppe’s bullish forecast stems from recent market movements and technical indicators that suggest a solid basis for altcoin growth. While it is quite reasonable to say that the altcoin market cap has stabilized, data from Blockchain Center provides a reason not to declare it an altcoin season.

According to the research center, for altcoin season to officially begin, 70% of the top 50 altcoins must outperform Bitcoin. Considering that only 33% of the top 50 altcoins have outperformed Bitcoin in the last three months, it is clear that we are not yet in an altcoin season.

Focusing on the Godfather of altcoins, Ethereum should play a very important role in the upcoming bull run. The highly anticipated Ethereum ETFs, which is expected to launch this week, should attract institutional investors and a significant influx of capital into the ETH ETF. In light of this, Van de Poppe predicts that Ethereum could rise to between $6,000 and $8,000.

At the time of writing, ETH is exchange hands at $3,408.81, marking a noble increase of 10.79% in the last week.

Expected Launch Date for Ethereum ETF

It is also worth noting that Bloomberg analyst Eric Balchunas predicted that the Ethereum ETF could launch on the 18th of this week as previously reported on CNF. This comes after the Securities and Exchange Commission (SEC) made changes to the S-1 amendments, requiring companies to update their registration statements and filings.

With Ethereum ETFs on the horizon, analysts are divided on the potential impact of the still-to-come ETH ETFs, with some predicting growth and others expressing concerns. In Multiplicity, Follis, a well-known pseudonymous analyst, noted in a post on X that Ethereum could mirror Bitcoin’s performance.

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According to the analyst, who acquired data from when Bitcoin rose from $26,000 to an all-time high of $73,750 during the Bitcoin ETF’s launch period, the Ethereum ETF could do the same for ETH. As previously reported, Follis noted that ETH’s chart looks nearly identical to Bitcoin’s before it surged 200% last year.

For this to happen, there needs to be a significant increase in demand from small and large scale investors, not to mention institutional investors. Recent Spot On-chain data has quickly jumped to the fore, proving that this is a real possibility. Justin Sun, founder of Tron, has made a significant move in the cryptocurrency market by investing $5 millions in Ethereum (ETH). Additionally, Glassnode data revealed that whales began buying after previously selling their ETH tokens.

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