A Crypto Analyst Believes Bitcoin’s Upside Potential is Limited Despite Possible ETF Approval
A popular crypto analyst, Michaël van de Poppe, believes that the current upside potential for Bitcoin is limited, even if the U.S. Securities and Exchange Commission (SEC) approves BTC exchange-traded funds (ETFs) in January. Van de Poppe predicts that if BTC ETFs are approved, Bitcoin could rally between $48,000 and $52,000. However, he envisions a new all-time high for Bitcoin in late 2024.
Ethereum Shows Signs of Bottoming Out Against Bitcoin
Van de Poppe also comments on Ethereum’s performance. He suggests that Ethereum is bottoming out against Bitcoin and expects it to start taking over as Bitcoin’s upward run nears its end. He predicts that Q1 2024 would be a reasonable period for Ethereum to make a comeback. According to his chart, Van de Poppe predicts that ETH/BTC will rally to 0.12 BTC ($5,088) by April 2024.
Bitcoin and Ethereum’s Current Prices
At the time of writing, Bitcoin is trading at $42,391 with a fractional increase in the last day. Meanwhile, ETH/BTC is worth 0.05384 BTC ($2,282).
Hot Take: Limited Upside Potential for Bitcoin Despite ETF Announcement
Despite the possibility of ETF approval for Bitcoin, crypto analyst Michaël van de Poppe believes that the upside potential for the top cryptocurrency is limited. He anticipates a price rally between $48,000 and $52,000 if BTC ETFs are approved but expects a relatively calm period of sideways price action afterward. Van de Poppe envisions a new all-time high for Bitcoin in late 2024. Additionally, he suggests that Ethereum is bottoming out against Bitcoin and could experience a reversal in the first quarter of 2024.
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