While the ETF process that started with Bitcoin in cryptocurrencies is gaining momentum, there are comments that a spot Ethereum ETF could be approved next week. Additionally, attention seems to be turning to the potential for a rise in ETH. A famous analyst shared his predictions on how a possible price movement in Ethereum could affect a significant altcoin, as well as his views on Bitcoin and LINK.
Analyst’s DOT Comments
One of the well-known analysts in the cryptocurrency world stated that Ethereum’s (ETH) rival cryptocurrency is far from its fair value and drew attention. Michaël van de Poppe, one of the leading figures in the cryptocurrency world, stated on X that Polkadot (DOT), known as a Layer-2 scaling solution, could accompany a rise in ETH.
DOT will likely follow Ethereum in its upward expansion. This means Polkadot’s current valuations are extremely low. I expect a lot from the Polkadot ecosystem with all the new segments.
When examining the chart shared by the analyst, there is a prediction of a price deviation on the three-day chart for DOT. On the other hand, when examining the price of DOT, it is seen that after a 3.28% drop in the last 24 hours, the price found buyers at the $6.08 level. DOT’s market cap is $8.7 billion, while its trading volume only reached $111 million after a more than 38% drop.
Bitcoin Price Commentary
According to the analyst, Bitcoin’s (BTC) price is entering a consolidation period. Poppe expects the price to start consolidating below the $60,000 level soon.
Bitcoin retested $61,000. I expect it to continue consolidating here, assuming altcoins will have higher returns than Bitcoin.
After all the price movements, the analyst states that Bitcoin will rise from the $60,000 level and return to the $64,000 level in the future. Bitcoin is finding buyers at the $60,900 level at the time of writing, after a rise of less than 1% in the last 24 hours.
LINK Coin Comments
Finally, the analyst, who conducted an analysis on Chainlink (LINK), emphasized the possibility of the price rising against Bitcoin.
This weekly candle with +11% in the Bitcoin pair is a very important start for LINK. This is still a low cycle and probably the bottom point in this consolidation period.
LINK/BTC continues to trade at 0.0002308 BTC ($13.64) at the time of writing, which means a drop of approximately 3.66%.
