Widely followed crypto analyst Michaël van de Poppe is predicting that retail traders will pour into the crypto markets after one key event occurs.
Van de Poppe tells his 795,600 followers on the social media platform X that when Ethereum (ETH) prints a new all-time high (ATH), retail traders will enter the market in droves.
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“Retail might not be here, but they will be when ETH goes to an ATH and altcoins are already up 200-400. They are always late jumping into the markets. Right now is the best time to accumulate altcoins.”
The analyst also believes that altcoins built on the Ethereum network are on the verge of explosive moves after ETH’s reclaim of the $3,000 range.
“Ethereum erasing six months of pain in a matter of weeks and is above $3,250. We all know what’s next when ETH and BTC stabilize: altcoins in the ecosystem of ETH will follow through.”
The analyst predicts ETH has more upside potential and will soon increase more than 23 of its current value.
“I think that ETH is on the path towards $4,000. That means, if there are any corrections taking place, it would be great to be using those to buy the dips in.”
Source: Michaël van de Poppe/XETH is trading for $3,234 at time of writing, up 6.7 in the last 24 hours. In November 2021, ETH hit its all-time high of about $4,900.
Meanwhile, Bitcoin (BTC) is trading for $119, 051 at time of writing, up 2.2 on the day.
Lastly, the analyst says that the altcoin market cap versus Bitcoin (TOTAL3/BTC) chart is flashing a bullish divergence, indicating that alts are poised to outperform the crypto king.
TOTAL3 tracks the total market cap of crypto, excluding Bitcoin, Ethereum and stablecoins. A bullish divergence suggests that buying momentum is rising even though prices are moving lower or sideways.
“A potential bullish divergence on altcoins. The good part: it’s just a small start, there’s so much more upside to come. Bull market.”
Source: Michaël van de Poppe/X
