A widely followed crypto analyst is suggesting that altcoins could be on the rise as hopes for an Ethereum (ETH) exchange-traded fund (ETF) approval this month from the U.S. Securities and Exchanges Commission (SEC) this month dwindle.
Crypto trader Michaël van de Poppe tells his 717,300 followers on the social media platform X that altcoins are waking up as Bitcoin (BTC) hovers near $61,000.
“Markets did bounce from the crucial area at $61,000 and Altcoins are waking up.
It’s the final accumulation period before the big surge.”
BTC is worth $60,933 at time of writing, down 2% on the day.
Looking specifically at the altcoin Arbitrum (ARB), the analyst thinks the ETH layer-2 protocol is near the end of its full correction.
“This one has a full correction and is at the end stage of the correction.
Massive cascade in the past weeks, through which the markets often fill that wick in the weeks after.
In that regard, markets are close to the end of the correction.”
ARB is trading for $1.01 currently, down 2% on the day.
Van de Poppe also asserts that he doesn’t believe the SEC will approve an ETH ETF until at least July or August of this year.
“There won’t be an Ethereum ETF this month.
It is likely to be a delay or extension of 60 days, during which July/August will be the big moment for the markets.
In terms of expectations?
The markets are bottoming in the next 1-2 weeks and rotate back up from that news.”
ETH is worth $2,914 at time of writing, down 5% on the week.
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Featured Image: Shutterstock/Salamahin/Kiselev Andrey Valerevich
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