A popular crypto analyst says he will buy the altcoins Polygon (MATIC), Cosmos (ATOM), Avalanche (AVAX), Concordium (CCD) and SKALE (SKL) as he anticipates a relief rally for the market.
Michaël van de Poppe tells his 619,400 Twitter followers he is stocking up on altcoins that could give him 20 to 60X returns on investment.
“Some projects I’ll be accumulating slowly going into the next bull cycle:
I think this would be the package to get towards 20-60x returns in the next bull cycle.”
During a press conference on Wednesday, Fed Chairman Jerome Powell said that the pace of interest rate hikes will likely slow down over the coming months. Van de Poppe sees that as a good sign for crypto.
“Jerome Powell has become dovish after this. Good sign for markets.”
Van de Poppe says the upcoming merger of Ethereum’s mainnet and the Beacon Chain’s proof-of-stake system this September is also bullish for the crypto market.
The event will give rise to Ethereum 2.0, which will transition the largest smart contract platform into a proof-of-work system. The upgrade is expected to solve the network’s scalability issues.
“Ideal ingredients for a Summer Relief Rally are there:
Powell becoming dovish on policy and more data-dependent.
ETH merge coming up in September.
Heavy impact on 3AC, Celsius, and more already priced in.
I’m seeing ETH to $2,400 and BTC to $28,000-30,000.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Quanrong Huang