Crypto bulls, Hold on Tight! Renowned analyst Michael van de Poppe is predicting a massive surge in the altcoin market, potentially marking a historic run for investors. Following a recent correction, van de Poppe anticipates explosive gains for altcoins and Ethereum in the second half 2024.
This isn’t just wishful thinking. Here’s what’s behind this bold theory.
Altcoins Set for Massive Gains
The altcoin market cap has rebounded to $1 trillion, signaling a positive shift toward the long-awaited altcoin season in Q3 2024. For weeks, the broader market has been on edge, waiting for confirmation of this season. During this period, altcoins have shown signs of a potential price jump. Although the Ethereum ETF was expected to lead this charge, its response has been underwhelming.
In a recent X post, Van de Poppe indicated that the market cap for altcoins has completed its correction phase, positioning itself for substantial growth. He predicts a continuous upward trend for altcoins in the year’s second half, with many altcoins expected to see dramatic gains. He also forecasts a massive bull market, with Ethereum potentially reaching $7,000.
Ethereum’s Potential
Analysts believe Ether’s price could rally to all-time highs over the next couple of months following the launch of the first-ever spot ETH ETFs in the United States. Traders view these funds as “heavily undervalued.” Despite record-breaking ETF inflows of $1 billion, the market has not moved immediately. Van de Poppe predicts a significant effect on the Ethereum ecosystem similar to Bitcoin ETFs.
A Closer Look at Market Trends
Recent market trends and technical indicators suggest that altcoins are primed for a rally. The altcoin market cap has stabilized, providing a solid foundation for future growth. However, data from Blockchain Center shows the current threshold is below 30%, and only 11 of the top 50 altcoins have outperformed Bitcoin in the past three months. More than 75% of these altcoins need to surpass Bitcoin to officially declare an altcoin season.
Experts predict Ethereum could experience a massive surge between $4,000 and $7,000. Currently, ETH trades at $3,275, with a 3.08% growth in the last 24 hours.
Is this finally the year for altcoins to shine? What are you keeping your eye on?
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