A widely followed crypto analyst believes one Ethereum (ETH) competitor could more than double in price.
Crypto trader Michaël van de Poppe tells his 718,900 followers on the social media platform X that interoperability blockchain Polkadot (DOT) is poised to rally due to major network advances.
He also says DOT is likely to see a boost from ETH’s upward momentum as well.
“Polkadot did a retest at the crucial levels and wakes up slowly. Given their Polkadot 2.0 release and the JAM ( Join-Accumulate Machine) white paper and the correlation with ETH, I’m expecting a lot from them. Next target is likely $18.”
Polkadot is trading for $7.14 at time of writing, up more than 4% in the last 24 hours.
The analyst also believes the broader altcoin market is entering a bullish phase after correcting.
“The altcoin market capitalization has finished its correction. The next step: reaching all-time high, which is ~60%-70% from here. I think Ethereum is likely reaching that in the next two-four months.”
He says alts could outperform Bitcoin (BTC) in the months ahead.
“The altcoins are still heavily undervalued. Most of them are down 70% against Bitcoin. That doesn’t mean we shouldn’t be having any correction, but feeling fear of missing out (FOMO) here is the wrong emotion to have. In the coming months, I expect altcoins to do way better.”
Lastly, the analyst says he is bullish on Bitcoin but expects the crypto king to retest the $68,000 level on the 12-hour chart before continuing upward.
“Bitcoin slowly consolidating. Expecting a retest at the $68,000 mark, before a continuation upwards. The trend is clearly upwards.”
Bitcoin is trading for $67,553 at time of writing, down more than 2% in the last 24 hours.
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