A widely followed crypto analyst is taking a look at the altcoin markets as they trade against Bitcoin (BTC).
Crypto trader Michaël van de Poppe tells his 710,800 followers on the social media platform X that altcoins are down big right now when trading against BTC.
“Altcoins are down 50-70% in their Bitcoin pairs.
That’s an actual opportunity to get yourself positioned into them.”
Despite the recent consolidation in the altcoin markets, Van de Poppe says alts still have room to grow.
“… the altcoin market capitalization has seen a correction, which ultimately leads to dip buying opportunities.
However, taking a look at the broader scope of things, it doesn’t really show a large correction and there’s still way more to gain…”
Looking specifically at the altcoin Polkadot (DOT), Van de Poppe says the interoperability chain has a good chance of running up against BTC in the coming months.
“Polkadot is still at a cycle low in the BTC pair.
Altcoins have been losing value against Bitcoin in the previous period as Bitcoin took the spotlight.
In the coming months, likely this will reverse.”
DOT is worth 0.00013 BTC ($8.60) at time of writing, down 10% in the last week.
Focusing on Ethereum (ETH), the crypto analyst says ETH is preparing to take off, regardless of trader fear, uncertainty and doubt (FUD).
“Ethereum facing cycle low at 0.049 BTC ($3,311) as it’s approaching the support level.
This is one of the two regions where I’m interested:
– Sweep and reclaim and I’m more than interested into taking longs.
The rotation towards Ethereum is likely to begin, despite the FUD.”
ETH is worth 0.050 BTC ($3,379) at time of writing, up 1.2% in the last 24 hours.
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The post As Altcoins Take a Dip Against Bitcoin, One Crypto Analyst Breaks Down Opportunities for Traders appeared first on The Daily Hodl.
