Cryptocurrency analyst predicts YFI token to outperform BTC and ETH
- Yearn.Finance’s native token YFI recently reached an all-time high of $38,869.
- Analyst Michaël van de Poppe expects YFI to be worth four times the value of Bitcoin soon.
Michaël van de Poppe, a digital asset strategist and trader, believes that the YFI token will soon be worth four times Bitcoin's value. YFI is the governance token of Yearn.Finance, a decentralized finance (DeFi) protocol. YFI recently surged to an all-time high of $38,869, a 122,709% increase from its early days in mid-July, according to CoinGecko.
Van de Poppe, aka Crypto Michaël, expects the token to continue surging.
$YFI
— Crypto Michaël (@CryptoMichNL) August 31, 2020
That's why you wait on clear levels.
Nice 35% bounce here and looking ready to continue.
If construction holds and it breaks the new high, we might be running towards 4 BTC a piece. pic.twitter.com/DPhGQVPPcR
If YFI follows Van de Poppe’s calculations, it will be worth $46,468 soon. In a recent YouTube video, the analyst noted that he’s not sure about BTC’s near-term prospects. If the flagship coin breaks down towards $11,200, Van de Poppe thinks it could subsequently plummet into the high $9,000. On the other hand, if BTC’s price increases towards $11,800 to $12,000, it may rally to a high $13,000 or low $14,000.
Van de Poppe is more bullish on Ethereum and he thinks ETH and other altcoins are set up to do well in the short term as long as Bitcoin doesn’t break out.
Yes, $ETH is going to $500.
— Crypto Michaël (@CryptoMichNL) August 31, 2020
The analyst said that traders should reduce their altcoin holdings if BTC breaks through $12,500.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
