Bitcoin's Upside Capped At $54,000-$58,000: Michaël van de Poppe Anticipates Altcoin Rotation
Portfolio Pulse from Murtuza Merchant
Michaël van de Poppe predicts Bitcoin's (BTC) price may see limited upside to $54,000-$58,000 before a correction and a rotation towards altcoins, including DeFi. He draws parallels to past cycles, remains bullish on Bitcoin's long-term potential, and sees strong performance for Ethereum (ETH) against Bitcoin.
February 20, 2024 | 4:41 pm
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NEGATIVE IMPACT
Bitcoin's price is predicted to have limited upside to $54,000-$58,000 before a correction, according to Michaël van de Poppe.
Van de Poppe's prediction of a capped upside followed by a correction suggests a short-term bearish outlook for Bitcoin, potentially leading to a decrease in its price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Ethereum is expected to outperform Bitcoin, especially with a strong weekly candle against BTC, indicating a potential rotation towards altcoins.
The strong performance of Ethereum against Bitcoin, as noted by Van de Poppe, suggests a bullish outlook for Ethereum in the short term, potentially leading to an increase in its price.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80