Crypto Analyst Says It’s the Last Chance to Buy Solana (SOL), Ethereum (ETH), and Other Coins: Here’s Why
The current bull market has been an unusual one, with Solana performing well and Bitcoin rallying to all-time highs following the Spot ETF launch and pre-halving. However, altcoins have remained relatively quiet since then.
According to prominent analyst Michaël van de Poppe, a reversal for altcoins may be on the horizon, presenting a final opportunity for investors to accumulate at discounted prices.
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Michaël van de Poppe’s All-In Altcoin Strategy
In his latest videos, van de Poppe has discussed his strategy of swapping coins for newer ones while also going all-in on altcoins over a month ago. Despite the market’s current state, he remains committed to this strategy and believes it is the right time to be more risk-on, given the global economic situation.
The European Central Bank (ECB) has announced a rate cut, which van de Poppe believes will likely prompt the Federal Reserve (Fed) to follow suit in the coming months. This move would indicate an increase in liquidity as quantitative easing (QE) is restarted, potentially benefiting the cryptocurrency market.
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Show more +Ethereum ETF Approval and Its Impact
The approval of the Ethereum ETF has been a major development, although it has not been listed yet. The 19B-4 files have been approved, but the S-1 files are still pending approval. This situation has created a vacuum of no price action until the S-1 approvals are granted, and trading can commence on exchanges.
Van de Poppe draws a comparison to the Spot Bitcoin ETF approval, which initially led to a 20% market-wide correction. However, once the S-1 approvals were granted and trading began, Bitcoin experienced a significant upward run from $40,000 to $73,000.
Altcoin Repricing and Rotation
Van de Poppe suggests that the current market situation is comparable to January of this year, with the key difference being the underwhelming returns for altcoins. He believes that the Ethereum ETF’s impending launch on exchanges, likely in late June or early July, could be a ‘Sell the rumor, buy the news’ event, triggering a rotation and repricing of altcoins.
The Ethereum ETF serves as a significant confirmation of the entire blockchain and crypto ecosystem’s existence, with Ethereum likely to be classified as a commodity.
This classification could extend to many projects within the Ethereum ecosystem, signaling their potential. Moreover, the majority of venture capital investments have been directed towards the Ethereum ecosystem, further supporting the likelihood of a repricing based on current information.
Historical Perspective and Potential Reversal
In the past, the Spot Bitcoin ETF’s launch marked the peak of altcoins’ Bitcoin valuations, followed by a period of underperformance and negative returns of up to 70%. Van de Poppe suggests that the Ethereum ETF listing could be the exact opposite, serving as a ‘Sell the rumor, Buy the news’ event for altcoins.
The Ethereum ETF is expected to drive substantial liquidity to the Ethereum blockchain from institutional investors, while crypto-native individuals are rediscovering the ecosystem’s potential at current valuations.
Michaël van de Poppe’s analysis suggests that altcoins may be on the cusp of a reversal, presenting a final opportunity for investors to accumulate at discounted prices.
Read more: Why is the Crypto Market Down Today?
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