May 22, 2024
Crypto

Crypto Analyst Weighs In on Bitcoin (BTC), Two Top Ethereum Layer-2 Solutions and One ETH Competitor


A widely followed crypto analyst says that there’s a chance that Bitcoin’s (BTC) recent rally may be tapped out.

Crypto analyst Michaël van de Poppe tells his 679,000 followers on the social media platform X that the buzz surrounding BTC generated by rumors of an exchange-traded fund (ETF) approval has probably reached a limit.

“Bitcoin is probably getting topped out around the ETF approval and will move inside a range. 

That range, and the recent week, is a signal for strength on the remainder of the markets to catch up.

Ethereum is likely to run to $3,000+.”

Source: Michaël van de Poppe/X

BTC is worth $42,455 at time of writing, down 3% in the last week. As for Ethereum (ETH), the leading smart contract platform is currently worth $2,361.

Looking at Polygon (MATIC), Van de Poppe says the ETH layer-2 scaling solution has been falling behind other top altcoins like Solana (SOL) and Avalanche (AVAX).

“Lagging behind on SOL and AVAX but starting to get momentum.

Anything in the $0.89-0.96 region is an excellent entry at a retest. 

Continuation seems likely towards $1.30.”

Source: Michaël van de Poppe/X

MATIC is trading for $1.01 at time of writing, up 29% in the last week.

The analyst also breaks down the ETH layer-2 scaling solution Arbitrum (ARB), saying the MATIC competitor could explode up to the $2 range.

“I’ve posted some updates on ARB.

Retest at $0.98 did work, continuation towards $1.35 as well and even further. 

Some beautiful S/R (support/resistance) flips, I think $1.40-1.45 should hold and we can continue to $2.”

Source: Michaël van de Poppe/X

ARB is worth $1.52 at time of writing.

Van de Poppe also takes peek at the smart contract platform Near Protocol (NEAR), saying that he expects the Ethereum rival to cool off after a recent major run-up.

“Massive run upwards as it rallied with more than 100%. 

Expect a more extended period of consolidation before another impulse is likely to occur.

In that regard, not interested until we reach <$3.40, and then I’m looking for potential entries.”

Source: Michaël van de Poppe/X

NEAR is trading for $3.84 at time of writing, down 5% on the last day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GrandeDuc





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