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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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
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