Closely followed crypto strategist and trader Michaël van de Poppe names the top five altcoins he is optimistic about in 2024.
In a new strategy video, Van de Poppe tells According to his 162,000 YouTube subscribers, his top altcoin pick 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 2023.
Looking at his chart, the trader suggests that ETH will rise to cross $3,400 later this year.
He also suggests that ETH against BTC (ETH/BTC) appears to have reached a market bottom around 0.0491 BTC ($2,221).
The ETH/BTC pair is trading at 0.05322 BTC ($2,377) at the time of writing.
He also believes that if a spot market exchange-traded fund (ETF) is approved for Bitcoin, an Ethereum spot market ETF would soon be favored and would serve as a catalyst for an ETH rally.
Finally, he suggests that the deflationary nature of ETH, caused by the move to a proof-of-stake consensus mechanism, has not yet been priced in by the market.
Next, the trader believes that the ETH layer-2 scale solution Arbitrum (ARB) is printing a bullish pattern against Bitcoin (ARB/BTC), with higher highs and higher lows.
ARB/BTC is trading at 0.0000393 BTC ($1.78) at the time of writing. Looking at his chart, the trader suggests that Arbitrum will rise to 0.0000647 BTC ($2.93).
His next choice is another layer 2 scale solution, Optimism (OP). He predicts that OP will correct to $2.78 after the big rally and then bounce past the $4.50 level in the coming months.
Optimism is trading at $4.01 at the 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), delivering a bullish pattern of higher lows and higher highs. He is keeping a close eye on whether LINK/BTC breaks a key resistance level at 0.000450 BTC ($20.36), which he believes would indicate a massive breakout is underway.
LINK/BTC is trading at 0.0003472 BTC ($15.71) at the time of writing.
Finally, the trader chooses the newer ETH rival Sui (SUI). He says SUI has the potential to perform as strongly as Fantom (FTM), Avalanche (AVAX) and Polygon (MATIC) in 2021.
At the time of writing, SUI is worth $0.865.
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