In a recent YouTube video, Michaël van de Poppe, a highly respected figure in the field of crypto analysis, announced his top 5 altcoin picks for 2024. Van de Poppe, known as the founder of Eight Global, emphasized the importance of a balanced approach to speculative bets on lesser-known altcoins. He stated: “I don’t believe in betting very small altcoins to maximize risk. Combining your returns with a good strategy yields long-term benefits.”
Ethereum (ETH) – The primary crypto choice
Van de Poppe’s main recommendation is Ethereum. The crypto analyst rationalizes this choice by pointing to the crowded space Bitcoin currently occupies, suggesting a shift in focus to altcoins. He expressed: “Bitcoin has already seen many benefits [caused by the spot ETF hype] … It’s going to be a little bit overcrowded and I think the benefit is relatively limited.”
He added that Ethereum is currently bottoming out against Bitcoin. “I think Ethereum is undervalued right now because there is a deflationary system involved.” His belief in Ethereum stems from its fundamental growth and the deflationary aspect of its economic model.
Regarding the 3-day ETH/USDT chart, he noted: “Ethereum has a crucial level at $2,150 and is ready to continue its upward path. We have probably bottomed out on the ETH/BTC pair and peaked in Bitcoin dominance.”
Scalability Solutions – Arbitrum and Optimism
While delving deeper into the Ethereum ecosystem, Van de Poppe emphasized the importance of scalability solutions. He sees Arbitrum as an attractive crypto investment, especially given its current stage and growth potential.
“Arbitrum doesn’t have much price action yet, which is difficult, but can give you a very interesting investment thesis,” he explained, underscoring the uptrend against Bitcoin. “Retesting at $0.98 worked, a continuation towards $1.35 also and even further. Some nice S/R flips, I think $1.40-1.45 should hold and we can move on to $2,” he stated.
Optimism is his second choice for scalability solutions, albeit with a caveat about its recent substantial uptake. Van de Poppe recommends a dollar-cost averaging strategy for optimism, noting that “the hype here is already substantial…buying a chunk of every 10 cents that falls to ensure you get a nice average receives an entry.”
Chainlink (LINK) – The dark horse
Chainlink (LINK) emerged as his fourth choice. Van de Poppe sees the prolonged bear market and early spike against Bitcoin in 2020 as indicators of significant potential, especially when combined with DeFi, RWA and NFTs. “Chainlink… is entering the longest bear market it has existed… cycles will happen, and therefore the opportunity cost is high,” the crypto analyst noted.
“Chainlink shows that the markets are looking for a higher low for the BTC pairs. Bitcoin pairs show strength in altcoins and are a key indicator in bull markets. As long as LINK remains above 0.000253 BTC, it is fine and we can start targeting 0.006 BTC,” said Van de Poppe.
SUI – The new competitor
The last altcoin in Van de Poppe’s selection is SUI, a newer project that he compares to successful platforms such as Phantom, Avalanche and Matic. He advises on investing in Ethereum competitors and states: “The last one I’m going to explain here is SUI, which is also starting to show an upward trend at the moment. I’m not sure what it will bring, though, beyond the Ethereum ecosystem and the DeFi corner.”
He added: “I want to invest in competitors of Ethereum and you can choose SUI, DOT, ATOM, all those projects. I would like to choose something that is relatively new, SUI.”
Looking at the 1-day chart of SUI/BTC, the crypto analyst stated: “The ecosystems are heating up, and SUI is waking up alongside ARB and OP. I’m looking for the BTC pair here, which is ready to make a nice retest in the 0.00001710 area. If so, an uptrend will likely begin towards 0.00003000 BTC.”
Distribution and Strategy of Crypto Portfolios
Van de Poppe suggests a balanced portfolio allocation and advocates a larger allocation to more established coins: 40% in Ethereum, 20% in Chainlink and smaller portions in Arbitrum and Optimism (15% each) and SUI (10%). He also emphasized the need for a dynamic approach to trading and profit-taking, saying: “Trading is very much about being flexible and having a flexible mindset.”
Featured image from BoliviaInteligente/Unsplash, chart from TradingView.com
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