Analyst Michaël van de Poppe Says One Layer-2 Altcoin Could Rally by up to 124, Updates Outlook on Bitcoin and Ethereum

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A closely followed crypto analyst says that one layer-2 altcoin looks primed to more than double up in price while updating his outlook on the top two digital assets by market cap.

In a new thread, crypto trader Michaël van de Poppe tells his 801,200 subscribers on the social media platform X that Ethereum (ETH)-based layer-2 scaling solution Arbitrum (ARB) is on the cusp of sparking a massive rally that could see it surge by about 124.

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“ARB has broken out of the range after six months of consolidation. Very likely we’ll start a new uptrend, and the next target zones are $0.95-1.00 and $1.15-1.20.”

ARB is trading for $0.523 at time of writing, a 3.2 decrease on the day.

Moving on to the flagship digital asset, Van de Poppe says that Bitcoin (BTC) is clearly in an uptrend after setting a new all-time high (ATH) but notes that there will be dips along the way.

“Bitcoin prints a new ATH and takes the liquidity! Trend is clearly up until proven otherwise. Dips are there to be bought. What area to look for? I think $120-121,000 for a day trade.”

BTC is trading for $118,232 at time of writing, a 2.3 decrease on the day.

Concluding his analysis with the top altcoin, Ethereum, Van de Poppe notes that its rally indicates that altcoins are to follow suit, growing between 200 and 500 themselves as soon as next quarter.

“Altcoins have barely moved. That’s because we’ve just been in an ETH-only market. Once ETH stabilizes and the upside is limited there, you’ll see altcoins start to fire off immediately as money flows into them from ETH and BTC. That’s why I expect 200-500 in the next quarter on most of those altcoins.”

According to the trader, Ethereum itself should also set a new ATH as it has more than doubled in price during the last two months.

“ETH has surged more than 100 in less than two months. This move is comparable to the BTC ETF (exchange-traded fund) launch, when Bitcoin continued to rally upwards. We’ll likely see a new ATH for ETH and then some consolidation. There’s way more to come for this cycle.”

ETH is valued at $4,616 at time of writing.