A widely followed crypto analyst believes one Ethereum (ETH) competitor could more than double in price.
Crypto trader Michaël van de Poppe tells his 718,900 followers on the social media platform X that interoperability blockchain Polkadot (DOT) is poised to rally due to major network advances.
He also says DOT is likely to see a boost from ETH’s upward momentum as well.
“Polkadot did a retest at the crucial levels and wakes up slowly. Given their Polkadot 2.0 release and the JAM ( Join-Accumulate Machine) white paper and the correlation with ETH, I’m expecting a lot from them. Next target is likely $18.”
Polkadot is trading for $7.14 at time of writing, up more than 4% in the last 24 hours.
The analyst also believes the broader altcoin market is entering a bullish phase after correcting.
“The altcoin market capitalization has finished its correction. The next step: reaching all-time high, which is ~60%-70% from here. I think Ethereum is likely reaching that in the next two-four months.”
He says alts could outperform Bitcoin (BTC) in the months ahead.
“The altcoins are still heavily undervalued. Most of them are down 70% against Bitcoin. That doesn’t mean we shouldn’t be having any correction, but feeling fear of missing out (FOMO) here is the wrong emotion to have. In the coming months, I expect altcoins to do way better.”
Lastly, the analyst says he is bullish on Bitcoin but expects the crypto king to retest the $68,000 level on the 12-hour chart before continuing upward.
“Bitcoin slowly consolidating. Expecting a retest at the $68,000 mark, before a continuation upwards. The trend is clearly upwards.”
Bitcoin is trading for $67,553 at time of writing, down more than 2% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
![13 Best Cryptocurrency Exchanges To Buy Any Cryptocurrency [2023]](https://www.breakingaltcoinnews.com/wp-content/uploads/2023/05/Best-Cryptocurrency-Exchanges-120x86.jpg)
