A widely followed analyst believes that crypto is poised to replicate a bubble witnessed in the late 1990s, triggered by a surge in internet adoption.
Trader Michaël van de Poppe tells his 785,900 followers on the social media platform X that he’s extremely bullish on the crypto market as mainstream institutional players begin to embrace the asset class.
[adinserter block="1"]According to Van de Poppe, conditions in the crypto market are reminiscent of the Dot-com era, when tech and web-based firms saw their valuation skyrocket as investors piled in and became overexuberant on the emerging sector.
“All I know:
This is the cycle where everything is going to go ballistic.
Higher than ever.
The Dot-com bubble type of cycle for crypto, where there’s a lot of liquidity flowing into this asset class and a lot of adoption.
It’s basically the only asset class to be significantly outperforming everything.”
The Dot-com bubble exploded in 2000, destroying $5 trillion in wealth and driving thousands of companies into bankruptcy.
One altcoin on the trader’s radar for a potential repeat of the Dot-com bubble is payments altcoin XRP. Van de Poppe predicts that the coin will come close to its all-time high (ATH) of $3.40.
“When things go absolutely vertical, that’s the moment where you want to zoom out and get higher time frame entry points.
The same applied for XRP.
Marked the level around $1.75 as an important one for entries and it’s up 50% since.
I assume we’ll attack the ATHs soon.”
At time of writing, XRP is worth $2.52.
The trader is also bullish on the Solana (SOL) rival Sei (SEI). Van de Poppe predicts that SEI will rally by as much as 169% from current levels.
“Indeed, break and flip and the next target is $0.30.
I think that SEI will be trending up significantly more.
First stop is $0.30, after that a slight correction for people to jump into the asset and then we’ll continue towards the $0.50-0.70 range.”
At time of writing, SEI is worth $0.26.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
