A widely followed crypto analyst believes that Bitcoin (BTC) is topping out, but Ethereum (ETH) and other altcoins are about to take off.

Michaël van de Poppe tells his 694,300 followers on the social media platform X that he is expecting decentralized finance (DeFi) protocols and decentralized physical infrastructure (DePIN) technology projects to start to outperform Bitcoin.

DePIN projects involve the use of crypto assets and blockchain technology to incentivize the building of real-world infrastructure.

Says Van de Poppe,

“Strong weekly candle on ETH/BTC. It seems very likely that the rotation has started.

DeFi/DePin going to outperform significantly. Bitcoin close to peaking out. Other ecosystems starting to do well.”

ETH/BTC is trading for 0.05700 BTC ($2,953) at time of writing, up more than 3% in the past 24 hours.

He predicts that Bitcoin may increase to as high as $58,000 before there is a market correction.

“Bitcoin consolidating at $52,000 with the total market capitalization at $1.9 trillion. The upside looks relatively capped for Bitcoin. My overall thesis is a continuation to $54,000-$58,000 and then consolidation and broader correction.”

He also thinks that Bitcoin will follow a historic price pattern and significantly exceed its current value in two years.

“It’s the April 2016 of Bitcoin’s cycle to the peak in December 2017. It’s the March 2020 of Bitcoin’s cycle to the peak in November 2021. Bitcoin is valued at $51,000, but this will be significantly higher in two years’ time. Accumulate as much as possible.”

Bitcoin is trading for $51,835 at time of writing, up nearly 4% in the past seven days.

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The post Trader Says DeFi and Another Crypto Sector Are Going To Significantly Outperform, Updates Outlook on Bitcoin appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ February 20, 2024 12:12 pm