Alert Altcoins reach ultimate low as crypto market experiences depression
As the value of Bitcoin (BTC) continues to drop, the entire market is following suit, leading to a downturn in the cryptocurrency world and pushing altcoins closer to the final capitulation phase of the current trading cycle, as noted by expert crypto trader Michaël van de Poppe.
Van de Poppe mentioned that he had seen this phase before in 2020 and noted that the altcoins, which he heavily invested in a month ago, were now experiencing significant losses. However, he suggested that now was the time to take more risks, as stated in his article on June 17.
Reflecting on the past, the crypto analyst expressed confidence in the current market correction and his investment decisions, citing his experience of going all-in on Verasity (VRA), Polygon (MATIC), and Fantom (FTM) during a prolonged bear market in August 2020.
Looking ahead, van de Poppe highlighted the example of Solana (SOL), which saw a massive surge in 2020 followed by a significant correction before experiencing a substantial return in 2021. He indicated that history might repeat itself in the current market scenario.
In a positive note for altcoin holders, van de Poppe predicted a potential uptrend in the second half of 2024 based on historical market trends. He observed that the timing of his current losses aligned with losses in the previous cycle and suggested that altcoins tend to perform well once Bitcoin surpasses its all-time high.
Meanwhile, long-term Bitcoin investors remain optimistic, viewing the current price crash as an opportunity to buy more assets. Accumulation addresses have reportedly received tens of thousands of BTC in recent days, indicating a strong interest in accumulating Bitcoin during this market dip.
Disclaimer: The information provided in this article is not intended as investment advice and should be considered speculative. All investments carry inherent risks, and individuals should exercise caution when investing.
