A popular crypto analyst believes that the current upside potential for Bitcoin is limited despite the possible approval of spot market BTC exchange-traded funds (ETFs).
Widely followed strategist Michaël van de Poppe tells his 680,000 followers on the social media platform X that the top crypto asset by market cap will rally somewhere between $48,000 and $52,000 if the U.S. Securities and Exchange Commission (SEC) approves BTC ETFs sometime in January.
However, Van de Poppe says he envisions BTC hitting a new all-time high in late 2024.
“My vision for the Bitcoin price action remains the same. I expect we’re relatively capped to the upside with the spot ETF approval news. Perhaps peaking at $48,000-$52,000 and then a relatively calm period of sideways, range-bound price action until a new ATH (all-time high) in late 2024.”
Bitcoin is trading for $42,391 at time of writing, a fractional increase during the last day.
Moving on to the top smart contract platform Ethereum (ETH), Van de Poppe says that he believes the top altcoin is bottoming out against Bitcoin (ETH/BTC), adding that Q1 2024 would be a “reasonable period” for ETH.
“Ethereum shows signals of a potential bottom. As I suspect Bitcoin to be close to finalizing this upward run, I think Ethereum will start to take over. Based on historical price actions, multiple signals of a potential reversal + Q1 is a reasonable period for Ethereum.”
Looking at the trader’s chart, he seems to predict that ETH/BTC will rally to 0.12 BTC ($5,088) by April 2024. At time of writing, ETH/BTC is worth 0.05384 BTC ($2,282).
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2024/01/01/bitcoin-upside-potential-capped-for-now-as-etf-announcement-approaches-says-crypto-trader-heres-his-outlook/