The price of altcoin has experienced a prolonged fall over several months, leaving many investors wondering about the market's ability to bounce back. Cryptocurrency analyst Michael van de Poppe believes that the answer to the current situation is not straightforward. He thinks that the altcoin market may be approaching a turning point similar to what has happened in previous cycles, just before significant fluctuations occur.
Is it time to give up or should we patiently wait?
Altcoin fall 80%: a special cycle
The year started with high expectations, especially for altcoins. However, instead of a strong price surge, most altcoins have fallen more than 80% from their all-time highs.
According to Mr. Michael Van de Poppe, this cycle is completely different from what we have witnessed before, making it difficult to compare with past market fluctuations. The current cycle does not follow the usual patterns.
He believes that we are in a similar phase as late 2019 or late 2020, times in cryptocurrency history that marked the bottom for altcoin before the start of a new rally.
To reinforce his point, van de Poppe compared it to previous cycles, such as in 2016 and 2019. In both cases, altcoins hit the bottom amid global instability, while gold prices surged. Looking at the present, a similar picture is emerging: strong gold prices, an unstable global market, and investors are showing caution with risky assets.
Why hasn't the altcoin moved yet?
Although Ethereum has recently increased by 40% compared to Bitcoin, most altcoins have not shown any signs of bounce back. Van de Poppe believes that the main reason is the lack of confidence and positive sentiment in the altcoin space.
Currently, just a small amount of selling can pull the price down lower; however, there is also a quiet accumulation taking place; some investors are gradually buying into coins at low prices.
What needs to happen next?
Van de Poppe believes that the next move of the market depends on Bitcoin. If Bitcoin can hit the bottom and rise to around 106,000 USD, this could stimulate Ethereum once again. This second price surge is likely to create a strong rally across the entire altcoin market.
When that happens, Short positions may be liquidated, leading to rapid and strong price fluctuations upward.
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Is the Altcoin market really dead or just waiting for the right opportunity?
The price of altcoin has experienced a prolonged fall over several months, leaving many investors wondering about the market's ability to bounce back. Cryptocurrency analyst Michael van de Poppe believes that the answer to the current situation is not straightforward. He thinks that the altcoin market may be approaching a turning point similar to what has happened in previous cycles, just before significant fluctuations occur.
Is it time to give up or should we patiently wait?
Altcoin fall 80%: a special cycle
The year started with high expectations, especially for altcoins. However, instead of a strong price surge, most altcoins have fallen more than 80% from their all-time highs.
According to Mr. Michael Van de Poppe, this cycle is completely different from what we have witnessed before, making it difficult to compare with past market fluctuations. The current cycle does not follow the usual patterns.
He believes that we are in a similar phase as late 2019 or late 2020, times in cryptocurrency history that marked the bottom for altcoin before the start of a new rally.
To reinforce his point, van de Poppe compared it to previous cycles, such as in 2016 and 2019. In both cases, altcoins hit the bottom amid global instability, while gold prices surged. Looking at the present, a similar picture is emerging: strong gold prices, an unstable global market, and investors are showing caution with risky assets.
Why hasn't the altcoin moved yet?
Although Ethereum has recently increased by 40% compared to Bitcoin, most altcoins have not shown any signs of bounce back. Van de Poppe believes that the main reason is the lack of confidence and positive sentiment in the altcoin space.
Currently, just a small amount of selling can pull the price down lower; however, there is also a quiet accumulation taking place; some investors are gradually buying into coins at low prices.
What needs to happen next?
Van de Poppe believes that the next move of the market depends on Bitcoin. If Bitcoin can hit the bottom and rise to around 106,000 USD, this could stimulate Ethereum once again. This second price surge is likely to create a strong rally across the entire altcoin market.
When that happens, Short positions may be liquidated, leading to rapid and strong price fluctuations upward.
Mr. Giáo