A top crypto analyst Michaël van de Poppe with over 670,000 followers on Twitter provided an optimistic outlook on altcoins in a series of tweets today. Though the bear market has been painful for altcoin holders, he believes the end is near and recovery is ahead.
“Altcoins are in the last part of the bear cycle. Yes, it feels relatively painful. The sentiment is completely gone, no interest in crypto,” the analyst stated.
He noted that Bitcoin has been the only major cryptocurrency seeing significant price movement lately. However, he believes altcoins like Chainlink and Solana have already started trending upwards in Bitcoin value.
The analyst reminded that this has been the longest-lasting bear market for altcoins, with the peak occurring in August 2020 for cryptos like Chainlink and May 2021 for most others.
“That’s approximately 29 months. And yet, we’re close towards a Bitcoin halving, but also a spot ETF on Bitcoin,” he tweeted. “Bitcoin is the first-runner, almost always. People buy altcoins when there’s confidence in the markets, but if you look at the bigger ones, like Chainlink, or Solana, or Injective.“
Macroeconomic turbulence and institutional interest in Bitcoin as “digital gold” are other bullish factors he cited. The analyst believes history could repeat itself, with altcoins bottoming out a few months before the next Bitcoin halving, just like in 2015/2016.
“If you ask on the streets, people are not going to be saying that crypto is massive. That will happen in a year, or few years, time again. Right now, people assume that we’ll be going down with the markets massively again. Just like we’ve been seeing 2019. Technically, N=1,” he reasoned.
The crypto analyst remains long-term bullish on altcoins and believes now is the time to allocate positions before mainstream recovery sentiment returns.
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