A widely followed crypto analyst believes the price of Ethereum (ETH) competitors could more than double.
Crypto trader Michaël van de Poppe told his 718,900 followers on social media platform X that interoperable blockchain Polkadot (DOT) is poised to skyrocket due to significant progress on its network.
He also said that DOT is also likely to benefit from ETH’s upward momentum.
“Polkadot retested key levels and is slowly recovering. Given the Polkadot 2.0 release and JAM (Join-Accumulate Machine) whitepaper, as well as correlation with ETH, I have high hopes for Polkadot. Next target likely is $18.”
Polkadot is trading at $7.14 at the time of writing, up more than 4% in the past 24 hours.
The analyst also believes that the overall altcoin market is entering a bullish phase after the correction.
“Altcoin market cap has finished correcting. The next step is for it to rise 60%-70% from here to all-time highs. I think Ethereum will likely reach that level within the next 2-4 months.”
He said the altcoin could surpass Bitcoin (BTC) in the coming months.
“Altcoins are still significantly undervalued, with most of them down 70% against Bitcoin. That doesn't mean a correction won't happen, but any fear of missing out (FOMO) here is the wrong emotion. I expect altcoins to improve substantially in the coming months.”
Finally, the analyst is bullish on Bitcoin but noted that he expects the crypto king to retest the $68,000 level on the 12-hour chart before continuing its rise.
“Bitcoin is slowly stabilizing. We expect it to retest the $68,000 level before the upside continues. The trend is clearly up.”
At the time of writing, Bitcoin was trading at $67,553, down more than 2% in the past 24 hours.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies and digital assets. Transfers and transactions are at your own risk and you are responsible for any losses incurred. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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