This Crypto Trader Just Sold All His Bitcoin For Altcoins Like Cardano And XRP, Heres Why
Crypto expert Michaël van de Poppe recently revealed that he had sold all his Bitcoin and rotated his capital to altcoins. The analyst explained the reason for this move and remarked that he was doing this to acquire more of the flagship crypto later on.
Why This Analyst Swapped His Bitcoin For Altcoins
In an X (formerly Twitter) post, Van de Poppe explained that altcoins have been crushed unreasonably hard. As such, he believes things can only improve from here on, noting that the upside (for these altcoins) cant be denied.
Based on his explanation, the analyst suggested that these altcoins will likely outperform Bitcoin from here on as the flagship crypto already had its moment before the halving when crypto natives swapped their altcoins for Bitcoin. Before now, Van de Poppe had already predicted that altcoins would make a bounce in their Bitcoin pairs post-halving.
He also mentioned back then that there would be a narrative shift to Ethereum. More recently, he indicated that the news around the Spot Ethereum ETF would trigger a rally for Ethereum and other altcoins. While explaining his decision to swap his Bitcoins, he again touched on this and hinted that Ethereum would be integral to any move these altcoins make.
Van de Poppe claimed everyone expects the worst, that the Spot Ethereum ETF applications will be denied because the SEC considers the crypto token a security. Therefore, he believes the market is already priced in accordingly and can only recover from here on, even if the SEC eventually rejects the applications.
The crypto analyst further claimed that the markets could make a significant U-turn if the news ends up being slightly better than a rejection. He also highlighted other developments that could help trigger this move. One is the FIT21 bill, which the House will soon vote on. This bill is expected to provide regulatory clarity for digital assets in the United States.
Van de Poppe also noted that the SECs lawsuit against Ripple is coming to a final stage and predicts that the crypto firm will likely secure a final victory, which could also help provide a major boost for these altcoins.
Meanwhile, he expects that Decentralized Physical Infrastructure Networks (DePIN) and Real World Assets (RWA) will be massive, with traditional companies transitioning into the Web3 ecosystem. As such, Van de Poppe urged his followers to allocate themselves if they wanted to make a large return.
Van De Poppes Big Bet
It is worth noting that Van de Poppes decision to swap his Bitcoins for altcoins isnt an end in itself but a means to an end. The crypto expert hopes to make a return of 300% to 900% on his investment in the coming six to twelve months. Van de Poppe hinted that he would rotate his capital back to Bitcoin after this period and predicted that he could make another 300% to 600% return on his investment as long as Bitcoin stabilizes.
He warned of the risk of taking such a bet, revealing that he is currently down around 20% on his overall investment. He also remarked that he could still post more losses on his investment, considering these altcoins could still experience further declines from their current price levels.
However, Van de Poppe added that he is fine with whatever the outcome of his investment is. Again, he reaffirmed that he is happily allocating his entire capital towards altcoins and concluded by stating that the bull cycle will be glorious.
Read more: https://www.newsbtc.com/altcoin/crypto-trader-bitcoin-altcoins/
Text source: NewsBTC
