According to a popular cryptocurrency analyst, now is the perfect time to stock up on altcoins. The analyst also predicts that altcoins will soon enter their own bull cycles. As the excitement surrounding Spot Bitcoin ETFs begins to fade, the leading altcoin predicts its price to rise above $3,000.
Analyst: We are probably entering an altcoin bull market!
As you follow from Kriptokoin.com, the market started the week depressingly. The leading cryptocurrency Bitcoin suddenly dropped below 42 thousand dollars. With some exceptions, most altcoin projects are also moving deep into the red zone. However, this may just be a retreat to move forward further. Popular cryptocurrency trader and analyst Michael van de Poppe shared his latest analysis. The analyst sees this decline as a buying opportunity. That’s why he says now is the perfect time to stock altcoins. The analyst also predicts that the altcoin market is likely entering a bull cycle.
The gist of Van de Poppe’s prediction is that altcoins may soon recover as Bitcoin’s (BTC) dominance may be stabilizing. The analyst also says the excitement surrounding spot Bitcoin ETFs (exchange-traded funds) is also cooling. As a result, he predicts that capital will soon flow from BTC to altcoins.
These 2 altcoins will move north because…
Michael van de Poppe expects Ethereum to benefit the most from this potential shift in capital allocation, given that Ethereum (ETH) is the largest altcoin by market cap. In addition to the bullish outlook for ETH, the analyst mentions the hype surrounding Spot Ethereum ETFs. Van de Poppe predicts that this will also increase the price of ETH in the coming weeks. The analyst predicts that if this bullish thesis is confirmed, the token price will rise above $3,000.
ETH is not the only altcoin that analysts have their eyes on. He also says Chainlink (LINK) caught his attention due to its strong performance over the past few weeks. The analyst states that there has been an upward trend in the LINK/BTC parity for the last few days. He predicts that this will lead to LINK rising soon. But before that, the cryptocurrency warns that there could be a short correction before another rally.
Bitcoin, Ethereum and Chainlink market performance
As of press time, BTC, ETH and LINK were declining. According to CoinMarketCap, market leaders BTC and ETH have seen their prices drop 5.09% and 5.87% respectively over the past 24 hours. Meanwhile, LINK was the biggest loser, recording a 24-hour loss of 8.33%.
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