Amid concerns over the SEC’s pending decision on a spot Bitcoin ETF, the cryptocurrency market has seen a shift from declines to gains, yet seasoned crypto analyst Michael van de Poppe warns of increased volatility in altcoins. He advises caution, suggesting that the decision period could pose challenges for investors.
According to van de Poppe, the primary reason for the current struggles of altcoins is the anticipated spot Bitcoin ETF decision. He predicts that altcoins will continue to lose value as investor focus shifts to Bitcoin, but expects a potential return of momentum to altcoins following the ETF decision.
Poppe also points to significant price drops in leading altcoins, including ETH, XRP, and SOL, as indicative of market sentiment potentially shifting towards a Bitcoin ETF approval.
The analyst also comments on Bitcoin’s market dynamics, noting its consolidation mode and predicting a rise to $48,000-$51,000 once consolidation ends, which he considers a good selling point.
Bitcoin, the largest cryptocurrency, has seen a 1.53% increase in the last 24 hours to $44,781. Current data indicates a weekly growth of 5.04% and a monthly increase of 2.67%. The volatility in Bitcoin has heightened with the majority of the 13 companies applying for an ETF submitting their final S-1 form to the SEC and BlackRock’s announcement of purchasing $10 million in BTC, suggesting a potential surge if the SEC approves.