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.
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