As the price of Bitcoin (BTC) continues to decline, the rest of the market has followed, ushering in a cryptocurrency depression and sending altcoins toward their final capitulation phase of the current trading cycle, according to renowned crypto trading expert Michaƫl van de Poppe.
Specifically, van de Poppe said that he had witnessed this part of the cycle before, in 2020, and that altcoins, on which he went all-in one month ago, were now starting to ābleed massivelyā but that now was the time āthat youād want to risk more,ā as per his article on June 17.
Echoes of the past
Indeed, the crypto analyst said he was not concerned about the current correction and being down on his investments because this was not his first rodeo. In fact, he had gone all-in into the likes of Verasity (VRA), Polygon (MATIC), and Fantom (FTM) in August 2020 during a very long bear market.
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āThe result? At first, the coins started to drop by more than 50% in a matter of a few months as the final correction took place. After that correction, some of them ran by more than 200x, through which a big group of people were left behind.ā
On top of that, van de Poppe singled out the example of Solana (SOL), which āran up by more than 600% in 2020ā but ācorrected by almost 90% during the second part of the year (…) before the big surge happened,ā referring to the āreturn of more than 100xā in 2021, and adding that history will repeat itself.
Good news for altcoin holders?
Finally, as the crypto market specialist concluded:
āThe first half of the year in 2022 and 2023 was terrible for the markets. The second part of the year has been super positive, through which those have yielded a positive return. The first year of 2024 has been terrible again, and the expectation is that weāre about to have a big upward return in the second half of the year.ā
In fact, he observed that the timing of his current losses on investments coincided with the losses in the previous cycle and that altcoins āstarted to wake up extensivelyā once Bitcoin broke its all-time high (ATH), adding that āit seems the same period right now.ā
As it happens, long-term Bitcoin investors arenāt losing hope either, taking the current price crash of the flagship decentralized finance (DeFi) asset as an opportunity to ābuy the dipā en masse, with the so-called āaccumulation addressesā receiving tens of thousands BTC in recent days, as Finbold reports.
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