Closely followed crypto strategist and trader Michaël van de Poppe is naming the top five altcoins he is bullish on in 2024.
In a new strategy video, Van de Poppe tells his 162,000 YouTube subscribers that his first top altcoin choice this year is the smart contract platform Ethereum (ETH).
The trader believes that money will soon flow from Bitcoin to ETH after BTC‘s significant rally to close out 2023.
Looking at his chart, the trader suggests that ETH will rally to cross $3,400 later this year.
He also suggests that ETH against BTC (ETH/BTC) appears to have carved out a market bottom at around 0.0491 BTC ($2,221).
The ETH/BTC pair is trading for 0.05322 BTC ($2,377) at time of writing.
He also believes that if a spot market exchange-traded fund (ETF) is approved for Bitcoin, an Ethereum spot market ETF will soon get the nod and that would serve as a catalyst for an ETH rally.
Lastly, he suggests that ETH’s deflationary nature, brought about by its switch to a proof-of-stake consensus mechanism, is not yet priced in by the market.
Next up, the trader believes that ETH layer-2 scaling solution Arbitrum (ARB) is printing a bullish pattern against Bitcoin (ARB/BTC), putting in higher highs and higher lows.
ARB/BTC is trading for 0.0000393 BTC ($1.78) at time of writing. Looking at his chart, the trader suggests that Arbitrum will soar to 0.0000647 BTC ($2.93).
His next pick is another layer-2 scaling solution, Optimism (OP). He predicts that OP will correct down to the $2.78 range after its big rally and then bounce beyond the $4.50 level in the coming months.
Optimism is trading for $4.01 at time of writing, up 4.3% in the last 24 hours.
The fourth altcoin on the trader’s list is the decentralized oracle network Chainlink (LINK).
He says LINK is starting to show strength against Bitcoin (LINK/BTC), printing a bullish pattern of higher lows and higher highs. He is closely watching to see if LINK/BTC breaks through a key resistance level at 0.000450 BTC ($20.36), which he says would indicate a massive breakout is underway.
LINK/BTC is trading for 0.0003472 BTC ($15.71) at time of writing.
Lastly, the trader picks the newer ETH rival Sui (SUI). He says SUI has the potential to perform as strongly as Fantom (FTM), Avalanche (AVAX) and Polygon (MATIC) did in 2021.
At time of writing, SUI is worth $0.865.
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The post Ethereum, Chainlink and Arbitrum Are Among Top 5 Altcoin Plays for This Year, According to Michaël van de Poppe appeared first on The Daily Hodl.