Many crypto experts have forecasted that the fourth quarter of the year will usher in a bullish phase for the entire cryptocurrency market. Among them, renowned cryptocurrency analyst Michael van de Poppe has recently shared his optimistic perspective. In one of his latest posts on X, he has highlighted the potential for Altcoins to experience massive growth soon.
Potential Growth of Altcoins: What Expert Says
Analyzing the Crypto Total Market Cap Excluding Top 10 chart reveals a significant increase in the Altcoin market cap. It has surged from $189.62B to $212.041B within just four days. Michael van de Poppe predicts that the Altcoins market will continue to ascend for at least the next four to eight weeks. He attributes this bullish trend to recent macroeconomic developments, such as the Bank of Japan’s decision to maintain interest rates and the US Federal Reserve’s recent interest rate cut.
According to van de Poppe, these economic measures have set the stage for a positive outcome in the cryptocurrency markets, particularly benefiting the Altcoin sector.
Bank of Japan keeps rates at the same level, while the FED has cut the rates by 50 bps earlier this week. Good things are likely to happen on the #Crypto markets after this week. Bullish Q4. — Michaël van de Poppe (@CryptoMichNL) September 20, 2024
Ethereum Price Momentum: An Analysis
The most prominent Altcoin, Ethereum, has demonstrated a notable 7-day growth of 8.4%. A detailed examination of the Ethereum/Bitcoin daily chart shows that it has experienced a trend reversal recently. At the beginning of the year, ETH was at 0.05396 BTC. A significant momentum shift occurred on January 9, propelling the price to a peak of 0.06017 BTC from 0.4965 BTC within five days.
The market then entered a volatile phase, with ETH oscillating between 0.05190 BTC and 0.06019 BTC. On March 8, a sharp downturn began, reaching a low of 0.04514 BTC by May 16. This was followed by an upward momentum on May 17, lifting the price to a peak of 0.05569 BTC within a week. However, on June 29, the market faced another significant downturn, pulling the price from around 0.5588 BTC to 0.03843 BTC.
Recently, the market has shown signs of recovery. As of yesterday, Ethereum stands at 0.04009 BTC. Many experts are now revising their Ethereum price predictions in light of this upward momentum.
$ETH back above 0.04. #Altcoins moving upwards substantially. I think this will continue for the coming 4-8 weeks. I’m long on altcoins. — Michaël van de Poppe (@CryptoMichNL) September 20, 2024
Experts like Michael van de Poppe consider this a significant achievement for Ethereum, indicating that the Altcoin market is poised for a substantial bullish trend in the near future.
