Renowned crypto analyst Michaël van de Poppe predicts a significant surge in the price of Polkadot (DOT), a competitor of Ethereum (ETH). Van de Poppe, who has a substantial following of 718,900 on social media platform X, suggests that Polkadot’s advancements in its network will contribute to its rally. Additionally, he expects DOT to benefit from the upward momentum of ETH. Van de Poppe highlights the recent retest of crucial levels by Polkadot and anticipates further growth, citing the release of Polkadot 2.0 and the Join-Accumulate Machine (JAM) white paper as positive factors. He sets the next target for DOT at around $18. At the time of writing, Polkadot is trading at $7.14, experiencing a 4% increase in the past 24 hours.
Van de Poppe also expresses optimism about the altcoin market, stating that it is entering a bullish phase following a correction. He believes that the altcoin market capitalization has completed its correction and is poised to reach an all-time high, which represents a growth potential of approximately 60% to 70%. Van de Poppe specifically mentions Ethereum as a cryptocurrency likely to achieve this milestone within the next two to four months.
Furthermore, the analyst suggests that altcoins have the potential to outperform Bitcoin in the coming months. He argues that many altcoins are currently undervalued, with a significant decline of around 70% against Bitcoin. Van de Poppe advises against succumbing to the fear of missing out (FOMO) and emphasizes that altcoins are expected to perform exceptionally well in the near future.
While Van de Poppe holds a bullish stance on Bitcoin, he predicts that the cryptocurrency will undergo a retest at the $68,000 level on the 12-hour chart before continuing its upward trajectory. Despite the temporary consolidation, he affirms that the overall trend for Bitcoin remains positive. As of now, Bitcoin is trading at $67,553, reflecting a decrease of over 2% in the past 24 hours.
In conclusion, Van de Poppe’s analysis indicates a promising outlook for Polkadot and the altcoin market, with Ethereum likely to lead the way in terms of reaching all-time highs. While Bitcoin may experience a temporary retest, the overall trend remains upward. Investors are advised to conduct thorough research and exercise caution when engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets.
