A closely followed crypto analyst says that one layer-2 altcoin looks primed to more than double up in price while updating his outlook on the top two digital assets by market cap.
In a new thread, crypto trader Michaël van de Poppe tells his 801,200 subscribers on the social media platform X that Ethereum (ETH)-based layer-2 scaling solution Arbitrum (ARB) is on the cusp of sparking a massive rally that could see it surge by about 124%.
“ARB has broken out of the range after six months of consolidation. Very likely we’ll start a new uptrend, and the next target zones are $0.95-1.00 and $1.15-1.20.”
ARB is trading for $0.523 at time of writing, a 3.2% decrease on the day.
Moving on to the flagship digital asset, Van de Poppe says that Bitcoin (BTC) is clearly in an uptrend after setting a new all-time high (ATH) but notes that there will be dips along the way.
“Bitcoin prints a new ATH and takes the liquidity! Trend is clearly up until proven otherwise. Dips are there to be bought. What area to look for? I think $120-121,000 for a day trade.”
BTC is trading for $118,232 at time of writing, a 2.3% decrease on the day.
Concluding his analysis with the top altcoin, Ethereum, Van de Poppe notes that its rally indicates that altcoins are to follow suit, growing between 200% and 500% themselves as soon as next quarter.
“Altcoins have barely moved. That’s because we’ve just been in an ETH-only market. Once ETH stabilizes and the upside is limited there, you’ll see altcoins start to fire off immediately as money flows into them from ETH and BTC. That’s why I expect 200-500% in the next quarter on most of those altcoins.”
According to the trader, Ethereum itself should also set a new ATH as it has more than doubled in price during the last two months.
“ETH has surged more than 100% in less than two months. This move is comparable to the BTC ETF (exchange-traded fund) launch, when Bitcoin continued to rally upwards. We’ll likely see a new ATH for ETH and then some consolidation. There’s way more to come for this cycle.”
ETH is valued at $4,616 at time of writing.
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