Many crypto experts have predicted that Q4 of the year will be a bullish phase for the entire cryptocurrency market. Renowned cryptocurrency analyst Michael van de Poppe is one of the latest figures to publicly share a bullish outlook. In one of his latest posts on X, he has expressed his optimistic view about the potential of Altcoins to achieve massive growth soon.
But what factors are driving this bullish outlook? And which altcoins are poised to benefit the most? Read on to discover the details.
Analyzing the Crypto Total Market Cap Excluding Top 10 chart, it’s clear that the altcoin market has experienced a sharp upward trajectory. Over just four days, the market cap surged from $189.62 billion to $212.041 billion—an impressive leap signaling a bullish trend.
Michael van de Poppe predicts that the Altcoins market will continue to rise for at least four to eight weeks. He cites the latest macroeconomic developments, like the Bank of Japan’s decision to keep interest rates unchanged and the US Federal Reserve’s execution of its interest rate cut plan, as the major factors contributing to the latest bullish trend in the crypto market, especially in the Altcoins market.
Ethereum, the leading altcoin, has posted a notable 8.4% growth over the past week. Its daily chart against Bitcoin shows a recent trend reversal. At the beginning of the year, ETH stood at just 0.05396 BTC. A rapid surge occurred on January 9, pushing its value to 0.06017 BTC from 0.04965 BTC in a mere five days.
However, volatility soon followed, with prices fluctuating between 0.05190 BTC and 0.06019 BTC.
By March 8, a steep downtrend took hold, and on May 16, Ethereum bottomed out at 0.04514 BTC. Yet, a strong recovery followed, with ETH reaching 0.05569 BTC within a week. Unfortunately, the market faced another sharp decline on June 29, dragging the price down to 0.03843 BTC.
Yesterday, Ethereum showed its first signs of rebounding from this downtrend, currently sitting at 0.04009 BTC. With this newfound upward momentum, many experts, including van de Poppe, are revising their Ethereum price predictions. They view Ethereum’s performance as an indicator of a broader bullish trend in the altcoin market.
For analysts like Michaël van de Poppe, Ethereum’s recent recovery is a signal of greater things to come. If these trends continue, the altcoin market could be on the verge of a significant bull run as we move deeper into Q4.
Also Check Out: Bitcoin Price Analysis: Why September Could Be a Game-Changer!
Will Altcoins outperform Bitcoin in the coming months? Tell us what you think.
The idea of the U.S. government holding XRP as part of a national reserve might…
Coinbase Derivatives, LLC has launched CFTC-regulated futures contracts for XRP, adding to the growing list…
In a huge development for the cryptocurrency industry, Paul Atkins has officially been sworn in…
The wider crypto market may be attempting to follow the Gold price but the short-term…
The Circle Payments Network will leverage regulated stablecoins led by USDC and EURC. The CPN…
The Avalanche ecosystem has grown significantly in the past year backed by institutional investors seeking…
