Many crypto experts have predicted that Q4 of the year will be a bullish phase for the entire cryptocurrency market. Renowned cryptocurrency analyst Michael van de Poppe is one of the latest figures to publicly share a bullish outlook. In one of his latest posts on X, he has expressed his optimistic view about the potential of Altcoins to achieve massive growth soon.
Potential Growth of Altcoins: What Expert Says
Looking at the Crypto Total Market Cap Excluding Top 10 chart, it is evident that the Altcoin market cap has witnessed a sharp increase recently. It has grown from $189.62B to $212.041B in just four days.
Michael van de Poppe predicts that the Altcoins market will continue to rise for at least four to eight weeks. He cites the latest macroeconomic developments, like the Bank of Japan’s decision to keep interest rates unchanged and the US Federal Reserve’s execution of its interest rate cut plan, as the major factors contributing to the latest bullish trend in the crypto market, especially in the Altcoins market.
Ethereum Price Momentum: An Analysis
The most prominent Altcoin, Ethereum, has seen a notable 7-day growth of 8.4%. Looking at the daily chart of Ethereum/Bitcoin, it is clear that it has undergone a trend reversal lately. At the start of the year, ETH was at just 0.05396 BTC. A massive momentum emerged on January 9, taking the price to a peak of 0.06017 BTC from 0.4965 BTC in just five days. Later, the market witnessed a period of volatility, oscillating between 0.05190 BTC and 0.06019 BTC. On March 8, it marked the beginning of a sharp downturn. By May 16, the market touched a low of 0.04514 BTC. On May 17, a massive upward momentum reappeared, lifting the price to a peak of 0.05569 in a short span of one week.
On June 29, once again the market faced a massive downfall. The unpleasant momentum pulled the price from around 0.5588 BTC to 0.03843 BTC. Yesterday, the market showed the first sign of recovery from the downtrend. Currently, Ethereum stands at 0.04009 BTC. Many experts are now adjusting their Ethereum price prediction based on this upward momentum.
Experts like Michael van de Poppe consider this as a remarkable feat by Ethereum and an indication that the Altcoin market is likely to see a massive bullish trend soon.
Also Check Out: Bitcoin Price Analysis: Why September Could Be a Game-Changer!
Credit: Source link
