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Analyst Predicts 2023 Altcoin Bull Cycle To Favor ETH, LINK, Arbitrum, And Optimism.
(CTN News) – Crypto analyst Michaël van de Poppe has identified four altcoins that he believes have the potential to outperform other assets and generate profits for traders.
Alongside the anticipated Bitcoin price rally to $48,000, these altcoins could prove to be lucrative investments during the ongoing bull run.
Altcoins experience gains as Bitcoin dominance reaches its highest point.
According to data from CoinGecko, Bitcoin’s dominance currently stands at 50.2%. Alongside the ongoing rally in Bitcoin’s price, altcoins such as Ethereum (ETH), Chainlink (LINK), Arbitron (ARB), and Optimism (OP) are expected to generate gains for their holders.
Poppe explains that Bitcoin is presently experiencing a rally and there is a possibility of reaching a potential peak. Speculation regarding the approval of Spot Bitcoin ETFs has created excitement, leading to a potential influx of capital into altcoins.
As a result, volatility in Bitcoin is expected to decrease, driving gains in altcoins like Ethereum.
Holders of ETH are eagerly anticipating the approval of a Spot Ethereum ETF, which could further boost gains in this asset. While Ethereum’s price may experience a correction in response to a Bitcoin correction, Poppe has set a target of $3,000 for ETH’s price during this cycle.
As Bitcoin dominance reaches its peak, altcoins such as Chainlink, Arbitrum, and Optimism are likely to witness a rally. Similar to what was observed in 2019 and 2020, Chainlink’s price tends to rally after a period of sideways price movement.
Therefore, LINK is on the verge of experiencing multiple bullish breakouts.
Poppe has detected a significant bullish divergence in Arbitrum and Optimism and highlights that these two alternative coins are nearing the end of their accumulation phase, preparing for a potential surge.
Currently, the price of Bitcoin is nearing the $44,000 mark, while ARB and OP are being traded at $1.1327 and $2.1510 on Binance, respectively.
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