Altcoin bull cycle 2023 picks by analyst: Ethereum, ChainLink, Arbitrum, Optimism
|- Bitcoin price is likely to rally to $48,000, as market participants keep up with the updates on Bitcoin Spot ETF applications.
- Altcoins like Ethereum, Chainlink, Arbitrum and Optimism are likely to gain from BTC’s price rally.
- Ethereum price is likely to rally alongside Bitcoin as ETH holders await Spot Ethereum ETF approval by the US SEC.
Crypto analyst Michaël van de Poppe picked four altcoins for the ongoing bull run, in his recent video on YouTube. The analyst believes these altcoins could outperform other assets and yield gains for traders, alongside Bitcoin price rally to $48,000.
Also read: Ethereum derivatives data points at bullish start for ETH in 2024
Bitcoin dominance peaks, drives gains in altcoins
Bitcoin dominance is at 50.2%, according to data from CoinGecko. At the current level, alongside Bitcoin price rally, altcoins like Ethereum (ETH), Chainlink (LINK), Arbitrum (ARB) and Optimism (OP) are likely to yield gains for holders.
Poppe explains that Bitcoin is currently in a stage where the asset is rallying and there is a likelihood of a potential top. There is hype surrounding the speculation of approval of Spot Bitcoin ETFs and capital is likely to flow into altcoins. Volatility is likely to go away from Bitcoin and drive gains in altcoins like Ethereum.
ETH holders are awaiting an approval of Spot Ethereum ETF and this could fuel gains in the asset. Ethereum price could correct in response to a correction in BTC, however Poppe has set a target of $3,000 for ETH price this cycle.
With Bitcoin dominance peaking out, altcoins like ChainLink, Arbitrum and Optimism are likely to rally. Just as seen in 2019 and 2020, ChainLink price rallies after weeks of sideways price action. LINK is therefore on the brink of multiple bullish breakouts.
Poppe identified a massive bullish divergence in Arbitrum and Optimism and notes that these two altcoins are finalizing their accumulation stage, gearing up for a breakout. At the time of writing, Bitcoin price is close to the $44,000 level, ARB and OP are trading at $1.1327 and $2.1510, on Binance, respectively.
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