Michael van de Poppe, a well-known crypto analyst shared he awaits a major rise in the altcoin market, because the correction ended two weeks ago.
Alt season baby! But he’s right?
The final countdown
Van de Poppe tweeted that the market cap for altcoins has finished its correction phase and is now set for growth, hopefully a big one.
He expects that the second half of the year will bring a steady uptrend for altcoins, and told that many altcoins can increase in price by 5 to 10 times.
Many thinks this is pure hopium, but fair to say, we already experienced gains like this, in the previous cycles.
Poppe’s positive outlook is based on the current market trends and technical indicators showing that altcoins are indeed ready for a rally. The altcoin market cap has stabilized, providing a strong base for future growth.
A man for all seasons
According to Blockchain Center data, only 33% of the top 50 altcoins have outperformed Bitcoin in the last three months.
While this means some positive movement, pessimists say it’s not enough to call it an altcoin season yet.
To declare an altseason, more than 75% of these altcoins need to do better than BTC. But they aren’t.
Ethereum is expected to play a big role in this upcoming bull run.
The launch of the Ethereum ETF is scheduled for this week, and the analyst believes this will attract institutional investors and more capital into the ETH ETF, like it did with Bitcoin.
Rise up
Van de Poppe predicts that Ethereum could rise to between $6,000 and $8,000. Right now, in the time of writing ETH is trading at $3,400, showing a 3% increase with a market cap of $414 billion.
This prediction aligns with the growing interest in Ethereum’s upcoming network upgrades and its increasing use in decentralized finance and non-fungible tokens.
