Altcoins
“This is the last chance to buy Altcoins very cheaply,” says crypto expert
Michaël van de Poppe, a well-known cryptocurrency analyst and trader, is based at the Amsterdam Stock Exchange and frequently shares his insights on various social media platforms, including X (formerly Twitter).
On June 10, 2024, Van de Poppe published a detailed analysis on X, highlighting that this could be the last chance to buy altcoins at very low prices. He noted that despite a strange bull market where Solana performed exceptionally well and Bitcoin hit an all-time high before the halving and after the US launch of spot Bitcoin ETFs, altcoins remained quiet.
Van de Poppe suggested that an altcoin reversal was very likely on the horizon. He mentioned in his videos from the previous week that he traded his coins for newer coins and switched to altcoins over a month ago. Van de Poppe said his strategy hasn’t changed and encouraged his followers to check out his recent YouTube video for more details on his strategy.
He said it was a good time to take more risks when everything was happening on a global scale. The crypto analyst pointed out that the European Central Bank (ECB) announced a rate cut, which likely indicates that the Federal Reserve (FED) in the United States will do the same in the coming months, which could lead to an increase in liquidity while quantitative easing is underway. initiated.
Furthermore, Van de Poppe highlighted that the Ethereum spot ETF has been approved but not yet listed. He explained that the current situation is a void with no price action because Forms 19B-4 have been approved, but Forms S-1 have not. He drew a parallel with one-off approvals of Bitcoin ETFs, which did not result in positive price action initially, but led to significant upside once trading began on exchanges.
Van de Poppe argued that the current market situation is comparable to that of January this year, pointing out that altcoins have generated terrible returns recently. He predicted that once the Ethereum Spot ETF begins trading in the United States, likely later this month or early July, it will be a “sell the rumor, buy the news” event for the markets , with altcoins expected to turn higher.
He believes that the US SEC’s approval of Ethereum spot ETFs is a significant confirmation for the entire blockchain and crypto ecosystem, potentially classifying many projects within the Ethereum ecosystem as commodities, thereby increasing their potential . Van de Poppe pointed out that most venture capital investments are directed towards the Ethereum ecosystem, which could lead to a revaluation of the market based on current information.
Reflecting on past events, van de Poppe noted that the initial trading of spot Bitcoin ETFs marked the peak of altcoins in their Bitcoin valuations, after which altcoins suffered significant losses. He suggested that the start of trading in US-listed spot Ethereum ETFs could mark the reversal of this trend, confirming the existence of altcoins alongside Bitcoin.
The analyst pointed out that Bitcoin is at an all-time high, while Ethereum and other altcoins are significantly below their 2021 highs. He argued that Ethereum spot ETFs would likely attract substantial liquidity to the blockchain Ethereum from institutional investors, reigniting interest in the ecosystem.
He revealed that his portfolio is heavily invested in the Ethereum ecosystem, based on fundamental research and high-conviction tokens. Van de Poppe emphasized his transparency in sharing his purchasing and accumulation strategies.
He concluded addressing the recent hype around other assets like BRC-20 and AI, expressing preference to focus on undervalued assets. Van de Poppe acknowledged his past mistakes but remained confident in his investment approach, emphasizing his willingness to take risks in his portfolio.
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