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DailyBubble News

Legendary Crypto Analyst Outline Key 5 Events For May  

Cryptocurrency analyst Michael van de Poppe sheds light on Ethereum’s trajectory amidst the ongoing downward spiral in the market. Investors who follow the buy-and-hold strategy are facing retraced gains despite initial optimism.

Van de Poppe predicts a further dip in Ethereum’s price to the $2,500-$2,750 range, reflecting the prevailing market sentiment influenced by macroeconomic dynamics and regulatory uncertainties. Ethereum has seen a 4% decline in the past 24 hours, dropping below $2,910 and shedding about 6% of its value in recent days.

The approval hurdles for an Ethereum spot exchange-traded fund (ETF) are significant, with the SEC delaying a decision on the Invesco Galaxy Ethereum ETF until July 5, 2024. This uncertainty surrounding regulatory approval could exert additional downward pressure on Ethereum’s price.

Ethereum’s struggles against Bitcoin (ETH/BTC) persist, with ongoing weakness in recent days. Van de Poppe anticipates further declines for ETH/BTC, highlighting Ethereum’s challenge in keeping up with Bitcoin.

Despite the setbacks, van de Poppe remains optimistic about a potential market rotation favoring altcoins in the third quarter of 2024. This could present growth opportunities and portfolio diversification options.

As for Bitcoin, van de Poppe’s analysis suggests a period of consolidation, with expectations of remaining within a defined price range for the next 4-6 months. Historical patterns show that Bitcoin often enters a sideways market phase post-halving, indicating an accumulation period for investors.

While short-term corrections continue, analysts like Michael van de Poppe see bullish trajectories in the long run, emphasizing the cyclical nature of crypto market trends. This period of market uncertainty may present opportunities to invest in undervalued assets. Share your investment strategies.

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