Key Crypto Events for May: Insights from Michael van de Pop

Details:

- Ethereum's Price Projection: Analyst Michael van de Pop predicts a potential further dip for Ethereum (ETH) to the $2,500-$2,750 range, reflecting prevailing market sentiment influenced by macroeconomic dynamics and regulatory uncertainties.

- ETF Approval Delays: The postponement of a decision on the Invesco Galaxy Ethereum ETF until July 5, 2024, by the SEC casts doubt on Ethereum's regulatory landscape, potentially exerting additional downward pressure on its price.

- Ethereum's Struggles Against Bitcoin Persist: Ethereum's performance against Bitcoin (ETH/BTC) remains weak, with sustained weakness evident in recent days. Van de Pop anticipates further declines for ETH/BTC, highlighting Ethereum's struggle to keep pace with Bitcoin.

- Altcoin Surge in Q3: Despite regulatory setbacks, van de Pop maintains optimism regarding a potential market rotation post-ETF delay, favoring altcoins in the third quarter of 2024, presenting opportunities for growth and portfolio diversification.

- Bitcoin Enters Consolidation Phase: Van de Pop's analysis indicates a period of consolidation for Bitcoin (BTC) for the next 4-6 months, following historical patterns post-halving, signaling an accumulation period. This phase prompts investors to accumulate Bitcoin during price stability in preparation for future price increases.

Analysts like Michael van de Poppe foresee bullish trajectories in the long run, emphasizing the cyclical nature of crypto market trends.