Altcoins
Michaël van de Poppe predicts major Altcoin pump triggered by Ethereum market resilience
The cryptocurrency market has turned bearish in the medium term as Bitcoin (BTC) Price fell below $64,000 on Friday during the London session. Notable cash outflows from the US-based spot Bitcoin Exchange Traded Funds (ETF) over the past five days have weighed heavily on bullish sentiments.
On Thursday, Grayscale’s GBTC and Fidelity’s FBTC generated net cash outflows of approximately $53 million and $51 million. Notably, only BlackRock’s IBIT 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 an accelerated selloff, on-chain data shows that Ethereum whales are on the hunt. For example, a Justin Sun The associated Binance 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 exchanges for profits over the past 24 hours.
Poppe plans a new season ahead
According to popular crypto analyst Michaël van de Poppe, the altcoin industry is poised to gain 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 in the face of a downtrend.
As a result, Poppe indicated that the price of Ethereum against the US dollar will increase exponentially in the short term, as long as the ETH/BTC pair maintains above 0.05.
The altcoin industry has already attracted the attention of institutional investors, as shown by Solana ETP in Canada. Additionally, Bitcoin dominance is about to experience a major reversal, which will trigger a surge cryptocurrency rotation in favor of altcoins.
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