Crypto trader and strategist Michael van de Poppe thinks the decentralized finance (DeFi) standout YFI could soon be worth four times the value of Bitcoin.
YFI, the month-and-a-half-old governance token of the DeFi protocol Yearn.Finance, surged to an all-time high of $38,869 on Monday. That’s a whopping 122,709% increase from its early days in mid-July, when at one point it was worth only $31.65, according to CoinGecko. It’s trading at $32,171 at time of writing.
Van de Poppe, also known in the industry as Crypto Michael, says he believes the asset will continue to surge.
That's why you wait on clear levels.
Nice 35% bounce here and looking ready to continue.
If construction holds and it breaks the new high, we might be running towards 4 BTC a piece. pic.twitter.com/DPhGQVPPcR
— Crypto Michael (@CryptoMichNL) August 31, 2020
Bitcoin is worth $11,617 at time of writing, according to CoinGecko. If YFI follows Van de Poppe’s script, it will be worth $46,468.
In a new YouTube video, Van de Poppe says he is not sure about Bitcoin’s immediate-term prospects. If BTC breaks down towards $11,200, the trader thinks it could subsequently drop into the high $9,000. If, however, Bitcoin increases in price towards $11,800 to $12,000, Van de Poppe says it may soon rally to high $13,000 or low $14,000.
The trader is more bullish on Ethereum, and he thinks ETH and other altcoins are set up to do well in the short term as long as Bitcoin doesn’t break out.
Yes, $ETH is going to $500.
— Crypto Michael (@CryptoMichNL) August 31, 2020
Van de Poppe does note that traders should decrease their altcoin holdings if Bitcoin breaks through $12,500.
