Seasoned technical analyst Michael van de Poppe shared 5 altcoins that he expects to outperform Bitcoin in the short term.
He predicts rally for ETH, LINK and these 3 altcoins
Van de Poppe said in a recent Youtube post that the Bitcoin dominance chart (BTC.D) is probably peaking for now and looks set to tip over. BTC.D tracks how much of the total crypto market capitalization is owned by BTC. A falling BTC dominance indicates altcoins are making faster gains than Bitcoin itself.
However, Ethereum (ETH)’s latest update in Shanghai, which now allows stakers to withdraw ETH, heralded a new altcoin season, according to Poppe. cryptocoin.com As we reported, Shanghai was implemented on the night of April 12 and the ETH price exceeded $ 2,000 soon after.
The seasoned analyst interprets the current market environment as follows, following the BTC.D falling from the peak and the massive Ethereum rise:
If we look at Bitcoin dominance, we can arguably say that we have reached the critical level (50 percent)… I thought maybe we could go a little higher, but then I realized that the Shanghai update was happening.
I think we are on the verge of a correction of Bitcoin dominance. We are peaking here and this will result in a decline in the coming period. The last time Ethereum was at the bottom during the merger. Now, it’s probably at its peak.
Timing of the next altcoin bull
In this regard, Poppe predicts that the expected altcoin season, which will emerge as Bitcoin breathes, may last for several months. An important piece of advice to investors, he says, it might make sense to stay away from shorting during the process:
We have at least a few months to do well with altcoins before Bitcoin corrects, which means I won’t be shorting at all. I think that’s the way to buy bottom and longing.
Coins to watch according to Poppe
Van de Poppe’s analysis also covers several popular altcoins. He predicts that Chainlink (LINK), the decentralized oracle network, could see its price rise to $18 to $22 before a correction is made. LINK is trading at $8.04 at press time.
Avalanche with smart contract functionality is also on the analyst’s radar. He predicts Avalanche (AVAX) could reach the $55 to $65 price range in the short term. The altcoin is currently worth $20.68. Compared to the last 24 hours, it experienced a sharp increase of around 8%.
Litecoin (LTC) is also expected to experience an uptrend. Van de Poppe believes that Litecoin’s price could rise to $220 to $260 before a correction is made. Finally, Cosmos is another altcoin that has caught the expert’s attention. Poppe predicts that the price of Cosmos could rise to $25 to $35 before a potential pullback.
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