The post This Crypto Trader Just Sold All His Bitcoin For Altcoins Like Cardano And XRP, Here’s Why appeared on BitcoinEthereumNews.com.

Crypto expert Michaël van de Poppe recently revealed that he had sold all his Bitcoin and rotated his capital to altcoins. The analyst explained the reason for this move and remarked that he was doing this to acquire more of the flagship crypto later on. Why This Analyst Swapped His Bitcoin For Altcoins In an X (formerly Twitter) post, Van de Poppe explained that altcoins have been “crushed unreasonably hard.” As such, he believes things can only improve from here on, noting that the “upside (for these altcoins) can’t be denied.”  Related Reading Based on his explanation, the analyst suggested that these altcoins will likely outperform Bitcoin from here on as the flagship crypto already had its moment before the halving when crypto natives swapped their altcoins for Bitcoin. Before now, Van de Poppe had already predicted that altcoins would make a bounce in their Bitcoin pairs post-halving.  He also mentioned back then that there would be a narrative shift to Ethereum. More recently, he indicated that the news around the Spot Ethereum ETF would trigger a rally for Ethereum and other altcoins. While explaining his decision to swap his Bitcoins, he again touched on this and hinted that Ethereum would be integral to any move these altcoins make.  Van de Poppe claimed everyone expects the worst, that the Spot Ethereum ETF applications will be denied because the SEC considers the crypto token a security. Therefore, he believes the market is already priced in accordingly and can only recover from here on, even if the SEC eventually rejects the applications.  The crypto analyst further claimed that the markets could make a “significant U-turn” if the news ends up being slightly better than a rejection. He also highlighted other developments that could help trigger this move. One is the FIT21 bill,…

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Filed under: News - @ May 19, 2024 4:14 am