Altcoins Poised for 10x Gains as Top Analyst Predicts Ethereum to Reach $8K

• Renowned crypto analyst Van de Poppe has shared  a bullish outlook for Ethereum and the broader altcoin market.
• The upcoming launch of the Ethereum ETF and rising institutional interest are expected to drive Ethereum to a potential new all-time high.

Van de Poppe, a popular crypto analyst has made waves with his bullish prediction on altcoins. Following a correction period that reached a halt two weeks ago, Van de Poppe expects massive gains from altcoins led by the delegate, Ethereum. 

In a recent tweet on X, Van de Poppe predicted that the second half of this year will see a continuous upward trend for altcoins. According to the analyst, many altcoins will multiply their current asset values by  5 to 10 times. Ethereum, the largest altcoin is projected to soar to between $6,000 and $8,000.

The #Altcoin market capitalization for crypto finished its correction two weeks ago.

The second half of the year is going to be up-only.

Likely we’ll see 5-10x runs on altcoins and ETH to $6,000-8,000. pic.twitter.com/eM3KS7Jwai

— Michaël van de Poppe (@CryptoMichNL) July 15, 2024

Van de Poppe’s bullish prediction springs from recent market movements and technical indicators suggesting a solid basis for altcoin growth. While it is reasonable enough to say that the altcoin market cap has stabilized, data from Blockchain Centre gives reason not to declare it an altcoin season.

According to the research center, for the altcoin season to be officially underway, 70% of the top 50 altcoins must surpass Bitcoin’s performance. Given that only 33% of the top 50 altcoins have outperformed Bitcoin in the past three months, it’s clear we’re not in an altcoin season yet.

Focusing on the Godfather of altcoins, Ethereum is expected to play a very important role in the impending bull run. The highly anticipated Ethereum ETF, which is due to launch this week is expected to attract institutional investors and substantial capital flow into the ETH ETF. In light of this, Van de Poppe predicts Ethereum could surge to between $6,000 and $8,000.

At the time of writing, ETH is exchanging hands at $3,408.81 marking a noble 10.79% surge in the past week. 

Ethereum ETF Expected Launch Date

Also worth noting, Bloomberg analyst, Eric Balchunas predicted that the Ethereum ETF could launch on the 18th of this week as earlier reported on CNF. This comes after the Securities and Exchange Commission (SEC) made changes to the S-1 amendments, demanding that companies update their registration statements and applications.

With Ethereum ETFs on the horizon, analysts are divided on the potential impact of the yet-to-come ETH ETFs, with some projecting growth and others expressing concerns. In the Multiplicity, Follis a well-known pseudonymous analyst, through a post on X, highlighted that Ethereum could mirror Bitcoin’s performance. 

Everyone focussed on Germany and Mt Gox

Meanwhile the Ethereum ETF is about to launch and the $ETH chart looks identical to $BTC before it pumped +200% last year

Study ETF rallies pic.twitter.com/VWENNnO8dN

— フ ォ リ ス (@follis_) July 9, 2024

According to the analyst, procuring data from when Bitcoin went from $26,000 to an all-time high of $73,750 during the Bitcoin ETF launch period, Ethereum ETF could do the same for ETH. As earlier reported, Follis highlighted that ETH’s chart looks almost identical to Bitcoin before it surged 200% last year. 

For this to happen, there must be a significant rise in demand from small-scale and large-scale investors, not forgetting institutional investors. Recent data from Spot On-chain have quickly jumped in proving it is a real possibility. Justin Sun, founder of Tron, has made a significant move in the cryptocurrency market by investing $5 million in Ethereum (ETH). Additionally, Glassnode data has revealed that whales have started buying after previously selling their ETH tokens.