A popular crypto analyst believes that the current upside potential for Bitcoin is limited, despite the possible adoption of BTC exchange-traded funds (ETFs) in the spot market.
The widely followed strategist Michaël van de Poppe tells According to its 680,000 followers on social media platform
However, Van de Poppe says he envisions BTC reaching a new all-time high by the end of 2024.
“My view for Bitcoin price action remains the same. I expect we are on the positive side relatively speaking with the news of the approval of spot ETFs. Perhaps peaking at $48,000-$52,000 and then a relatively quiet period of sideways, range-bound price action until a new ATH (all-time high) in late 2024.”
Bitcoin is trading at $42,391 at the time of writing, up fractionally over the past day.
We move on to the best smart contract platform Ethereum (ETH), Van de Poppe say that he believes the top altcoin is bottoming against Bitcoin (ETH/BTC), adding that the first quarter of 2024 would be a “reasonable period” for ETH.
“Ethereum is showing signs of a potential bottom. Since I suspect Bitcoin has almost completed this uptrend, I think Ethereum will start to take over. Based on historical price action, multiple signals of a potential reversal + Q1 is a reasonable period for Ethereum.”
Looking at the trader’s chart, he seems to predict that ETH/BTC will rise to 0.12 BTC ($5,088) by April 2024. At the time of writing, ETH/BTC is worth 0.05384 BTC ($2,282).
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Generated image: Midjourney