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The price movements in cryptocurrencies are becoming increasingly complex day by day. In this context, statements made by prominent figures in the market continue to attract attention. Michael van de Poppe, a notable figure in the market, made significant statements about some cryptocurrencies.
Michael Van de Poppe’s BTC Commentary
Michael van de Poppe, a closely followed figure in the market, indicated that a decline in hopes for the approval of an Ethereum (ETH) exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) could trigger a rise in altcoins in the coming days.
Crypto analyst van de Poppe told his thousands of followers on the social media platform X that Bitcoin (BTC) hovering around $61,000 could play a significant role in awakening altcoins.
The markets jumped from a critical region to $61,000, and altcoins are awakening. This is the last accumulation period before a major fluctuation.
As of writing, BTC’s price has seen a 3.37% drop over the last 24 hours, trading at $60,733. Despite the price drop, trading volume has risen over 7%, exceeding $27 billion.
Current Status of Ethereum and Arbitrum
The analyst, who has been examining the altcoin Arbitrum (ARB), especially with a key unlocking happening this week, believes that the ETH layer-2 protocol is nearing the end of its full correction.
This has a full correction and is in the final stage of that correction. In recent weeks, there has been a major cascade where markets typically filled this wick in the following weeks. In this context, the markets are nearing the end of the correction.
ARB continues to trade at the $1 level after experiencing a drop of over 3% as of writing.
Van de Poppe also highlighted another important issue, noting that the SEC is unlikely to approve an ETH ETF before at least July or August of this year.
There will be no Ethereum ETF this month. There will likely be a 60-day delay or extension, and during this period, July/August will be significant for the markets. In terms of expectations? The markets will hit bottom in the next 1-2 weeks and will rise again after this news.
ETH, as of writing, is finding buyers at $2,914 after a nearly 4% drop.
