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Renowned crypto analyst, Michael Van de Poppe, who is closely monitored by crypto investors, has published his latest market update. As Bitcoin fluctuates between $25,000 and $27,000, the expert crypto analyst asserts that the key to survival in these periods is focusing on long-term targets. So, what are the expectations for the markets?
Regulatory Edition
The Securities and Exchange Commission’s recent attack on Binance has contributed to the “boring” market sentiment, according to the analyst. Van de Poppe believes that the FTX incident triggered this process, prompting regulators to take a tougher stance against the crypto industry.
Considering the U.S. government’s determination to regulate the markets and establish a new framework, Van de Poppe expects a continued reaction from the markets. “Ultimately, many projects may leave the markets for not complying with the US’s KYC AML framework,” he warns.
There has been much debate about whether Ethereum is a security, particularly following SEC Chairman Gary Gensler’s labeling everything other than Bitcoin as a “security”. Van de Poppe defends that Ethereum and Bitcoin are commodities, not securities.
Discussing altcoins that could rise, Van De Poppe notes that the recent meme coin frenzy, in which Pepe Coin and Milady Coin gained over 1000% in value, was merely short-term hype. He suggests that as XRP Coin continues to rise, DOGE will follow, and the meme coin may have hit bottom.
Altcoins That Could Rise
Van De Poppe also hinted at a possible DeFi summer and the resulting momentum gain of old coins like XRP and Litecoin.
Regarding Cathie Wood’s prediction of Bitcoin reaching $1 million by 2030, Van de Poppe believes that the current $1 trillion crypto market valuation, coupled with inflation, could result in a market valuation of $10 to $15 trillion. This implies that a Bitcoin valuation of $400,000 to $450,000 is very plausible.
Lastly, Van De Poppe implied that DeFi altcoins could perform better than expected in the coming weeks. The senior analyst continues to remain optimistic about the markets.
