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Bitcoin and Ethereum ETFs To Push the Markets Higher: Analyst

Published 01/09/2024, 02:35 AM
Updated 01/09/2024, 02:45 AM
© Reuters.  Bitcoin and Ethereum ETFs To Push the Markets Higher: Analyst
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  • According to Michaël van de Poppe, altcoin rallies happen during Bitcoin consolidation.
  • Ethereum’s 2016 rally started when Bitcoin ended its initial rally ahead of the following Bitcoin halving event.
  • Van de Poppe noted that Ethereum has a potential value of 60% to gain before meeting significant resistance.

According to the famous cryptocurrency analyst Michaël van de Poppe, altcoin rallies happen during Bitcoin consolidation before breaking into new highs. Van de Poppe made the statement in a recently uploaded video, where he analyzed the potential impact of a Bitcoin ETF on the altcoin market.

The renowned crypto analyst compared the altcoin market’s current behavior to historical trends. He focused on Ethereum’s price trend ahead of the 2016 bull run. Using historical data, Van de Poppe showed that Ethereum’s 2016 rally started when Bitcoin ended its initial rally ahead of the following Bitcoin halving event.

The analyst also showed that after the initial rally, Ethereum consolidated in a sideways movement for a few months before embarking on the main rally of the bull run of the 2016 Bitcoin halving. According to him, the current crypto market …

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