Bitcoin’s Rally Could Be Running Out of Steam, Says Analyst
A well-known crypto analyst suggests that Bitcoin’s recent surge may be reaching its peak. Michaël van de Poppe, a popular analyst on the social media platform X, believes that the excitement surrounding Bitcoin’s potential exchange-traded fund (ETF) approval has likely hit its limit. He predicts that Bitcoin will enter a range-bound phase while other markets catch up in strength. Meanwhile, Van de Poppe is optimistic about Ethereum, expecting it to surpass $3,000. However, he notes that Ethereum layer-2 scaling solution Polygon (MATIC) has fallen behind other altcoins like Solana (SOL) and Avalanche (AVAX), but it could gain momentum soon.
Analyst Highlights Potential for ETH Competitors
Van de Poppe also discusses two Ethereum layer-2 solutions and one ETH competitor. He suggests that Arbitrum (ARB), a competitor to Polygon, could potentially reach the $2 range after successful support/resistance flips. Additionally, he expects Near Protocol (NEAR), an Ethereum rival that recently experienced a significant rally, to consolidate before another upward movement. Van de Poppe is waiting for NEAR to reach below $3.40 before considering potential entry points.
Closing Thoughts: Is Bitcoin Losing Momentum?
While Bitcoin’s rally may be tapering off in the near term, there are still positive outlooks for Ethereum and its competitors. As the crypto market continues to evolve and new projects emerge, it’s essential to stay informed about potential opportunities and risks. Keep an eye on developments in the industry and the performance of different cryptocurrencies to make well-informed investment decisions.
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