'Ethereum Isn't Dead:' Top Crypto Analyst Delivers Christmas Cheer, Says 'Best Quarter' For ETH Approaching
Portfolio Pulse from Khyathi Dalal
Crypto analyst Michaël van de Poppe suggests Ethereum (ETH) is poised for a strong quarter, historically its best, as the Bitcoin (BTC) halving event in April 2024 approaches. He notes that market sentiment has been skewed towards Bitcoin due to the anticipation of spot ETF approvals, but expects Ethereum to gain traction, especially with its transition from Proof-of-Work to Proof-of-Stake. The upcoming Dencun network upgrade is also expected to contribute to Ethereum's growth. Bitwise predicts Ethereum's fees will double in 2024, and Glassnode cofounders target a $2.5k to $2.7k price range for ETH.
December 25, 2023 | 3:33 pm
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POSITIVE IMPACT
Bitcoin (BTC) is expected to remain in focus due to the upcoming halving event in April 2024, which historically has led to price increases. The anticipation of spot ETF approvals is also contributing to positive sentiment around Bitcoin.
Bitcoin's upcoming halving event and the potential approval of spot ETFs are key drivers of positive sentiment, which historically have led to price increases. While the focus is on Ethereum's potential outperformance, Bitcoin's fundamentals remain strong, suggesting a positive short-term impact on BTCUSD.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Ethereum (ETH) is expected to have a strong performance in the upcoming quarter, historically its best, with potential gains driven by the Bitcoin halving event and its transition to Proof-of-Stake. The Dencun network upgrade and mainstream adoption of crypto apps are also positive indicators for Ethereum's growth.
The analyst's positive outlook on Ethereum, based on historical performance, upcoming Bitcoin halving, and network upgrades, suggests a bullish short-term impact on ETHUSD. The transition to PoS and the Dencun upgrade are expected to attract investment and reduce fees, further supporting growth.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100