Crypto analyst breaks down two major rivals to Ethereum (ETH) as Bitcoin (BTC) consolidates
A widely followed crypto trader is assuring traders that Bitcoin's (BTC) current consolidation is merely a pullback in the bull market.
Crypto analyst Michaël van de Poppe tells his 679,400 followers on the social media platform X that the market is expected to cool down by the end of the year.
“Bitcoin is consolidating, altcoins are taking a breather in the last days of the year.
Pretty standard risk reduction for the final days of 2023.
A recovery is expected from Monday.
Just buy the dips, it’s a bull market.”
At the time of writing, BTC is worth $42,122, down 3.6% over the last week.
Looking at Solana (SOL), Van de Poppe assumes that Ethereum's (ETH) biggest rival will also cool off for the time being.
“SOL
The price experienced a massive uptrend, rising by more than 500% in two months.
The rotation is towards ETH and other ecosystems, so SOL is probably done for now.
Longer time frame trading; Interest at $70-$80 for long-term listings.”
Source: Michael van de Poppe/X
At the time of writing, SOL is trading for $106.
Van de Poppe also slams lesser-known ETH rival Sui (SUI). According to the analyst, SUI is in a good position to rally against Bitcoin (SUI/BTC).
“SUI
Ecosystems are heating up and SUI is awakening alongside ARB (Arbitrum) and OP (Optimism).
What I am looking for here is the BTC pair that is ready to make a nice retest in the 0.00001710 area.
If this is true, an uptrend is likely to begin at 0.00003000 BTC.”
Source: Michael van de Poppe/X
SUI is worth 0.00001919 BTC or $0.811 at the time of writing, up 17.6% over the last week.
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