A widely followed crypto analyst says that there’s a chance that Bitcoin’s (BTC) recent rally may be tapped out.
Crypto analyst Michaël van de Poppe tells his 679,000 followers on the social media platform X that the buzz surrounding BTC generated by rumors of an exchange-traded fund (ETF) approval has probably reached a limit.
“Bitcoin is probably getting topped out around the ETF approval and will move inside a range.
That range, and the recent week, is a signal for strength on the remainder of the markets to catch up.
Ethereum is likely to run to $3,000+.”
BTC is worth $42,455 at time of writing, down 3% in the last week. As for Ethereum (ETH), the leading smart contract platform is currently worth $2,361.
Looking at Polygon (MATIC), Van de Poppe says the ETH layer-2 scaling solution has been falling behind other top altcoins like Solana (SOL) and Avalanche (AVAX).
“Lagging behind on SOL and AVAX but starting to get momentum.
Anything in the $0.89-0.96 region is an excellent entry at a retest.
Continuation seems likely towards $1.30.”
MATIC is trading for $1.01 at time of writing, up 29% in the last week.
The analyst also breaks down the ETH layer-2 scaling solution Arbitrum (ARB), saying the MATIC competitor could explode up to the $2 range.
“I’ve posted some updates on ARB.
Retest at $0.98 did work, continuation towards $1.35 as well and even further.
Some beautiful S/R (support/resistance) flips, I think $1.40-1.45 should hold and we can continue to $2.”
ARB is worth $1.52 at time of writing.
Van de Poppe also takes a peek at the smart contract platform Near Protocol (NEAR), saying that he expects the Ethereum rival to cool off after a recent major run-up.
“Massive run upwards as it rallied with more than 100%.
Expect a more extended period of consolidation before another impulse is likely to occur.
In that regard, not interested until we reach <$3.40, and then I’m looking for potential entries.”
NEAR is trading for $3.84 at time of writing, down 5% on the last day.
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The post Crypto Analyst Weighs In on Bitcoin (BTC), Two Top Ethereum Layer-2 Solutions and One ETH Competitor appeared first on The Daily Hodl.