Crypto analyst Michaël van de Poppe thinks altcoins are gearing up to make a comeback after a pretty long slump in prices, which he amusingly refers to as the “depression phase.”
He shared his thoughts with his 666,000 followers on the social media platform X, mentioning that the flurry of applications for crypto exchange-traded funds (ETFs) seems to be pointing towards a brighter future for digital assets.
So, altcoins have been in a bit of a funk, but it looks like they’re getting ready to bounce back. Yep, some might say it’s like a broken record, but for many altcoins, the worst might be over or very close to it.
Even though the crypto market might not be as exciting as it was in 2020, there are some interesting things happening:
- A Bitcoin spot ETF is almost here.
- Ethereum spot ETF applications are in the works.
- An Ethereum futures ETF is on the horizon.
And guess what? The big players are starting to dive into the crypto pool.
Van de Poppe also brings up the Wall Street Cheat Sheet, a chart that tries to map out the emotional rollercoaster investors go through during wild market swings. According to this theory, we’re currently in the “depression phase,” where prices hit rock bottom.
Usually, after this gloomy phase comes the “disbelief” phase, where prices start to perk up a bit, but most folks still can’t believe it’s happening.
Speaking of Bitcoin (BTC), Van de Poppe thinks it’s itching to break free from the $24,500 to $26,800 price range. If it dips to the lower end of that range, he sees it as a buying opportunity, and if it soars past $26,800, he’s ready to go all in.
So, don’t let yourself get chopped out in this Bitcoin price range. It might stick around for a few more weeks, possibly teasing us with a fake-out before the real action starts. If we see a breakthrough above $26,800, Van de Poppe is all in. And if it drops to $24,500-25,000, he’s still buying.
As of right now, BTC is trading at $25,873.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.