Benzinga - Renowned cryptocurrency trader Michaël van de Poppe on Tuesday shared his outlook on the market, suggesting Bitcoin (CRYPTO: BTC) may have limited upside before a broader correction and subsequent rotation towards altcoins.
His predictions highlight potential opportunities in DeFI and other sectors.
Bitcoin Consolidation And Potential Correction:
Van de Poppe sees Bitcoin currently consolidating around $52,000, with a potential upside to $54,000-$58,000 followed by a consolidation and correction.
This aligns with his broader belief that Bitcoin may be nearing a peak before a downward trend.
Historical Comparisons And Long-Term Optimism:
Drawing parallels to past cycles, Van de Poppe compares the current Bitcoin cycle to April 2016 before the December 2017 peak and March 2020 before the November 2021 peak.
He remains bullish on Bitcoin's long-term potential, stating it will be "significantly higher" in two years, encouraging accumulation.
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Rotation Towards Altcoins And DeFI:
Van de Poppe observes a strong weekly candle for Ethereum (CRYPTO: ETH) against Bitcoin, which he interprets as evidence of a potential rotation towards altcoins.
He specifically predicts that DeFi and DePin projects will "significantly outperform" Bitcoin in the near future.
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