3
Closely followed crypto strategist and trader Michaël van de Poppe is naming the top five altcoins he is bullish on in 2024.
In a new strategy video, Van de Poppe tells his 162,000 YouTube subscribers that his first top altcoin choice this year is the smart contract platform Ethereum ($ETH).
The trader believes that money will soon flow from Bitcoin to $ETH after $BTC‘s significant rally to close out 2023.
Looking at his chart, the trader suggests that $ETH will rally to cross $3,400 later this year.
He also suggests that $ETH against $BTC ($ETH/$BTC) appears to have carved out a market bottom at around 0.0491 $BTC ($2,221).
The $ETH/$BTC pair is trading for 0.05322 $BTC ($2,377) at time of writing.
He also believes that if a spot market exchange-traded fund (ETF) is approved for Bitcoin, an Ethereum spot market ETF will soon get the nod and that would serve as a catalyst for an $ETH rally.
Lastly, he suggests that $ETH’s deflationary nature, brought about by its switch to a proof-of-stake consensus mechanism, is not yet priced in by the market.
Next up, the trader believes that $ETH layer-2 scaling solution Arbitrum ($ARB) is printing a bullish pattern against Bitcoin ($ARB/$BTC), putting in higher highs and higher lows.
$ARB/$BTC is trading for 0.0000393 $BTC ($1.78) at time of writing. Looking at his chart, the trader suggests that Arbitrum will soar to 0.0000647 $BTC ($2.93).
His next pick is another layer-2 scaling solution, Optimism (OP). He predicts that OP will correct down to the $2.78 range after its big rally and then bounce beyond the $4.50 level in the coming months.
Optimism is trading for $4.01 at time of writing, up 4.3% in the last 24 hours.
The fourth altcoin on the trader’s list is the decentralized oracle network Chainlink ($LINK).
He says $LINK is starting to show strength against Bitcoin ($LINK/$BTC), printing a bullish pattern of higher lows and higher highs. He is closely watching to see if $LINK/$BTC breaks through a key resistance level at 0.000450 $BTC ($20.36), which he says would indicate a massive breakout is underway.
$LINK/$BTC is trading for 0.0003472 $BTC ($15.71) at time of writing.
Lastly, the trader picks the newer $ETH rival Sui ($SUI). He says $SUI has the potential to perform as strongly as Fantom (FTM), Avalanche (AVAX) and Polygon (MATIC) did in 2021.
At time of writing, $SUI is worth $0.865.
Generated Image: DALLE-2
blockchainreporter.net
1
newsbtc.com