As altcoins lose value against Bitcoin, a crypto analyst breaks down the opportunities for traders
A widely followed crypto analyst takes a look at the altcoin markets as they trade against Bitcoin (BTC).
Crypto trader Michaël van de Poppe tells his 710,800 followers on social media platform X that altcoins are currently heavily in the red when trading BTC.
“Altcoins are down 50-70% in their Bitcoin pairs.
This is a real opportunity to position yourself in this.”
Despite the recent consolidation in altcoin markets, there is still room for growth in altcoins, according to Van de Poppe.
“…the market cap of altcoins has undergone a correction, which ultimately leads to bearish buying opportunities.
However, if you look at the broader situation, there is no real major correction and there is still much more to be gained…”
Source: Michael van de Poppe/X
Looking at altcoin Polkadot (DOT), Van de Poppe says the interoperability chain has a good chance of competing against BTC in the coming months.
“Polkadot is still at a cycle low in the BTC pair.
Altcoins have lost value against Bitcoin over the past period as Bitcoin has come into the spotlight.
This is likely to reverse in the coming months.”
Source: Michael van de Poppe/X
DOT is worth 0.00013 BTC ($8.60) at the time of writing, down 10% over the last week.
The crypto analyst focuses on Ethereum (ETH) and says ETH is preparing for a breakthrough regardless of fear, uncertainty and doubt (FUD) from traders.
“Ethereum faces a cycle low at 0.049 BTC ($3,311) as it approaches support.
This is one of the two regions I'm interested in:
– Sweep and win back, and I'm more than interested in taking longs.
The rotation towards Ethereum is likely to begin despite the FUD.”
Source: Michael van de Poppe/X
ETH is worth 0.050 BTC ($3,379) at the time of writing, up 1.2% in the last 24 hours.
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