Renowned trader and technical analyst Michael van de Poppe believes altcoins are rising, and Ethereum is set to benefit from the upcoming upswing.

Van de Poppe, who shares insights with his 697,000 followers on X, predicts a surge in the altcoin market, which could lead Ethereum (ETH) to potentially reach $5,000 as investors turn their attention away from Bitcoin towards altcoins.

#Altcoin market capitalization is slowly moving upwards.

The upside could be captured on Bitcoin, meaning a rotation towards altcoins.

Therefore, Ethereum to $4,500-5,000 is likely, while altcoins will accelerate with 2-4x returns. pic.twitter.com/FKEaPpjrZv

— Michaël van de Poppe (@CryptoMichNL) February 29, 2024

It’s worth recalling that layer-2s on Ethereum are experiencing a boom in Total Value Locked, pushing ETH to new peaks. Moreover, it seems the attention is shifting to the possibility of an Ethereum spot ETF by May 2024.

This week, multiple altcoins have exploded in price, especially meme coins like WIF and PEPE. Solana reached an intraday high of $134, gaining over 10% in 24 hours.

Possible Bitcoin Correction?

Regarding Bitcoin, Van de Poppe hinted at a possible correction following the substantial net inflows driven by institutional demand. He pinpoints possible support levels at $46,000 or $53,000.

Poppe is not the only analyst warning about retraces. Daniel Yan, co-founder at Matrixport, warned against a possible correction of 15% by the end of April, which would be around $52,000-$53,000.

Similarly, well-known crypto trader Ali (Ali_Charts on X) reports a notable increase in profit-taking by Bitcoin whales, highlighting that over the past three days, they’ve sold off more than 80,000 BTC, equivalent to around $4.8 billion.

Ali also pointed out that the TD Sequential indicator has signaled a sell on the 4-hour chart for Bitcoin. He notes that since February 15, “every sell signal from this indicator has been spot-on, leading to $BTC price corrections between 1.50% and 4.20%.”

However, only time will tell whether Bitcoin will find and sustain support above $50K or correct below that figure. One thing remains true —Bitcoin and the overall crypto market have had their best month in years, with BTC adding thousands of dollars to its price daily and most altcoins going vertical this week.