Altcoins
Renowned Crypto Analyst Predicts Top 5 Altcoins for 2024
In a recent YouTube video, Michaël van de Poppe, a highly respected figure in the field of crypto analysis, revealed his top 5 altcoin picks for 2024. Van de Poppe, known as the founder of Eight Global, highlighted the importance of ‘a balanced approach to speculative bets on lesser-known stocks. altcoins. He said: “I don’t believe in getting into very small altcoins to maximize risk. Combining your returns with an appropriate strategy is beneficial in the long run.
Ethereum (ETH) – The leading crypto choice
Van de Poppe’s top recommendation is Ethereum. The crypto analyst rationalizes this choice by pointing out the crowded space Bitcoin currently occupies, suggesting a shift in focus towards altcoins. He explained: “Bitcoin has already seen many benefits. [caused by the spot ETF hype] …it’s getting a little crowded and I think the upside potential is relatively limited.
He added that Ethereum is currently at an all-time low compared to Bitcoin. “I think Ethereum is undervalued at this point because there is a deflationary system involved.” His confidence in Ethereum stems from its fundamental growth and deflationary aspect of its economic model.
Regarding the ETH/USDT 3-day chart, he commented: “Ethereum holds a crucial level at $2,150 and is poised to continue its upward trajectory. It is likely that we have bottomed out in the ETH/BTC pair and peaked with Bitcoin dominance.
Scalability Solutions – Arbitrum and Optimism
Delving deeper into the Ethereum ecosystem, van de Poppe highlighted the importance of scalability solutions. He considers Arbitrum an attractive crypto investment, especially considering its current stage and growth potential.
“Arbitrum doesn’t have much price action yet, which is tricky, but can give you a very interesting investment thesis,” he explained, highlighting its uptrend compared to Bitcoin. “A retest at $0.98 worked, continuation towards $1.35 as well and even further. A few nice S/R flips, I think $1.40-1.45 should hold and we can continue to $2,” he said.
Optimism is its second choice for a scalability solution, with a caveat on its recent substantial stroke. Van de Poppe recommends a period-buying strategy for Optimism, noting that “the hype is already high here…buying a portion every 10 cents that drops to ensure you get a nice average entry.”
Chainlink (LINK) – The dark horse
Chainlink (LINK) emerged as his fourth choice. Van de Poppe sees its prolonged bear market and early peak against Bitcoin in 2020 as indicators of significant potential, especially in conjunction with Challenge, RWAAnd NFT. “Chainlink…has entered the longest bear market that has existed…cycles will happen, and that’s why opportunity costs are important,” the crypto analyst remarked.
“Chainlink shows markets looking for a higher low on BTC pairs. Bitcoin pairs show the strength of altcoins and are a key indicator of bull markets. As long as LINK stays above 0.000253 BTC, everything is fine and we can start aiming for 0.006 BTC,” van de Poppe noted.
SUI – The new competitor
The final altcoin in van de Poppe’s selection is SUI, a newer project that he compares to successful platforms like Phantom, Avalanche and Matic. He advises investing in Ethereum competitors, saying: “The last one I will explain here is SUI, which is currently also starting to trend upward. I’m not sure what this will contain, but outside of the Ethereum ecosystem and DeFi coin.
He added: “I want to invest in Ethereum competitors and you can choose SUI, DOT, ATOM, all these projects. I would like to choose something relatively new, SUI.
Looking at the 1-day chart of SUI/BTC, the crypto analyst said: “Ecosystems are heating up and SUI is waking up alongside ARB and OP. Here we are looking for the BTC pair, which is ready to make a nice retest in the 0.00001710 zone. If this holds, an uptrend will likely start at 0.00003000 BTC.
Crypto wallet distribution and strategy
Van de Poppe suggests a balanced portfolio distribution, arguing for a larger allocation to more established coins: 40% in Ethereum, 20% in Chainlink and smaller portions in Arbitrum and Optimism (each 15%) as well as SUI (10% ). He also stressed the need for a dynamic approach to trading and taking profits, saying: “A lot of trading is about being flexible and having a flexible mindset. »
Featured image from BoliviaInteligente / Unsplash, chart from TradingView.com