BTC and ETH Are Commodities, Not Securities, Says Popular Analyst

• Michael van de Poppe shared his predictions for the crypto market in a recent interview.
• The trader believes that the hype surrounding meme coins has come to an end.
• Van de Poppe also predicted that the crypto market cap could realistically reach $15 trillion.

The renowned trader and analyst Michael van de Poppe shared in a recent interview that the key to surviving the bear market is to maintain a long-term perspective. This comes as the crypto market leader Bitcoin (BTC) continues to oscillate between $25,000 and $27,000.

The analyst also noted that the recent attack by the U.S. Securities and Exchange Commission (SEC) on Binance has added to what he calls the “boring” market sentiment. According to van de Poppe, the short-term reaction to the Binance news was similar to that seen shortly after the collapse of FTX, which resulted in panic selling among retail traders.

This negative ongoing reaction in the markets is expected, believes the analyst, given the U.S. government’s commitment to regulating the markets and establishing a new regulatory framework. Van de Poppe predicts that many projects will soon exit the market because they do not fit within the KYC/AML framework of the U.S.

The analyst went on to argue that Ethereum (ETH) and BTC are commodities and are not securities. This statement comes after the SEC Chair Gary Gensler called every crypto except BTC a security. Van de Poppe believes that “Bitcoiners need Ethereum, and Ethereum needs Bitcoin, and the two should unite rather than fight.”

Both of the crypto market leaders were able to print 24-hour gains according to CoinMarketCap. At press time, BTC was trading at $26,280.89 following a 1.58% increase. Meanwhile, ETH’s price stood at $1,729.91 after it rose 0.38% during this period.

From a technical perspective, BTC’s price was able to break above the 9-day and 20-day EMA lines over the past 24 hours. Should it close today’s daily candle above the two technical indicators, it may look to rise to $28,500 in the coming week. Conversely, a close below the two EMAs will see BTC’s price retest the key support level at $25,245 in the next few days.

Investors and traders may want to keep an eye on the 9-day EMA line, which was on the verge of crossing bullishly above the 20-day EMA line. Should this happen, it will trigger a significant bullish flag and will indicate that the crypto’s price has entered into a short-term bullish cycle.

When it comes to meme coins, the analyst mentioned that the latest meme coin frenzy, which saw Pepe (PEPE) and Milady Coin (LADYS) gain more than 1,000%, was simply a short-term period of hype surrounding this category of cryptos. He also discussed Dogecoin (DOGE) and shared that its price is back in a key support area.

PEPE’s price was down 0.54%, and also weakened against BTC and ETH by 2.09% and 0.90% over the past 24 hours. Furthermore, LADYS also experienced a loss in the last 24 hours, and was down 2.26% against the Dollar. DOGE was one of the few meme coins that experienced a 24-hour gain, and was up 0.19% taking its price to $0.06211 at press time.

Van de Poppe suggests that due to the current valuation of the crypto market at $1 trillion, along with inflation, the total could potentially reach $10 to $15 trillion. Consequently, this indicates that the valuation of BTC could range from $50,000 to $450,000.

Regarding social tokens, Van de Poppe cautions retail investors to exercise care. He emphasized that people often overly focus on social tokens, which can create unrealistic expectations of becoming instant millionaires.

For investment purposes, van de Poppe recommends purchasing now. As a retail trader, he advised against relying too heavily on indicators. While some traders employ techniques like Elliott waves, RSI, and MACD, he believes price action is the key foundation. Understanding price action on higher time frames and incorporating moving averages is a solid starting point.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.