A widely followed crypto analyst is diving into the top two digital assets by market cap after the historic US approval of spot Bitcoin (BTC) exchange-traded funds (ETFs).
Crypto trader Michaël van de Poppe tells his 683,400 followers on the social media platform X that BTC’s next move is to stabilize, allowing Ethereum (ETH) to go on a rally of its own.
“The Bitcoin ETF is approved and live.
The rally prior due to ‘buy the rumor, sell the news’.
Now, reality kicks in and Bitcoin stabilizes, consolidates and opens the gates for Ethereum to run to $3,000-3,500 and altcoins to run heavily.
After that: correction in March.”
Van de Poppe’s interpretation of the Bitcoin Dominance (BTC.D) chart, a measure of BTC’s share of the crypto markets, backs up his suggestion that Bitcoin is about to cool off while ETH heats up.
“The Bitcoin dominance looks topped out prior to the Bitcoin halving.
Expecting to see a continuation as Ethereum is taking more momentum.
This might be the cycle’s high on the Dominance as the altcoin bull market has started.”
BTC is worth $44,413 at time of writing, down 5% in the last 24 hours.
According to the crypto analyst, Ethereum’s impending rally could bring the leading smart contract platform up to the $3,500 range.
“Ethereum flipped the crucial level at $2,130 for continuation.
After that, breakout towards new cycle highs at $2,700 and looking for continuation to $3,500 in the coming 2-3 months.”
Van de Poppe also predicts that one topic of conversation will dominate the discussion surrounding crypto over the next two months much like how the topic of a BTC ETF has dominated for the previous two months prior – the possibility of an ETH ETF.
“BlackRock CEO, Larry Fink, sees value in Ethereum ETF.
Yep, that’s going to be the topic of the coming two months.”
Ethereum is worth $2,642 at time of writing, up 18% in the last week.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Tithi Luadthong