According to cryptocurrency analyst Michaël van de Poppe, Bitcoin has finished its accumulation phase and entered the first stage of a new bull cycle. This signals potential major price appreciation for both Bitcoin and altcoins over the next year.
What you'll learn 👉
Bitcoin Bull Cycle Commences
Van de Poppe notes that Bitcoin bottomed around November 2022, ending the brutal bear market of 2021-2022. Since then, Bitcoin has been rangebound, allowing investors to accumulate at discounted prices. With Bitcoin now above $30,000 and showing bullish technical indicators, van de Poppe believes the accumulation period is over.
The first stage of the bull typically sees Bitcoin grind higher, but not exceed its all-time high. This sets the stage for altcoins to start substantially outperforming Bitcoin. Previous bull runs show altcoins can gain 500-1000% during this first phase as money rotates out of Bitcoin.
Altseason Ignition
With Bitcoin in the early bull phase, altcoins are primed for their own bullish breakouts. Many altcoins likely bottomed alongside Bitcoin in late 2022. As long as Bitcoin trades sideways rather than vertical, capital tends to flow into high-risk, high-reward altcoin trades.
Van de Poppe notes historical examples like the 2020 DeFi summer that saw coins like Chainlink rally while Bitcoin consolidated. He expects a similar narrative to drive altcoin gains this spring and summer.
For traders, now marks an opportune time to open altcoin positions. The biggest gains will likely occur in the coming months as the bull market progresses. Picking the right assets now could lead to 5-10x returns relative to Bitcoin.
Read also:
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In summary, Bitcoin has signaled the start of a new multi-year bull cycle. The first stage means altseason is igniting, with the biggest gains likely still ahead in coming months.
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