Trader and analyst Michael van de Poppe has refuted investor speculation that the price of the first cryptocurrency will fall to $12,000 and altcoins capitulate before a new bull market.
Investors Perspective in Crypto Markets Follows History
I’ve seen many people suggesting that we’ll see Bitcoin drop to $12,000 and altcoins to have another capitulation. I don’t think we’ll have that and in this post I’ll explain why. 👇
Altcoin investors are slowly losing… pic.twitter.com/eP6pR14Zr5
— Michaël van de Poppe (@CryptoMichNL) August 3, 2023
“Altcoin investors are slowly losing faith in the market as assets are still not moving. Since May 2021, there has been a downtrend for most altcoins, and the bear market has been going on for more than two years,” he wrote.
The analyst called it “no surprise” amid hacks, bankruptcies and litigation in the crypto industry. Van de Poppe also noted that this is the longest bear market for cryptocurrencies.
He stated that most often the decadent mood in social networks is found among those who first invested in digital assets in 2021. They are experiencing their first bear market.
“For them, the slow loss of money is extremely painful, and they expect only a further decline in the value of the portfolio. Why? They experienced it for themselves, and people predict the future based on historical data, ”the expert emphasized.
In his opinion, the second stage of capitulation is now taking place – the most boring period of the cycle, in which it seems that nothing is happening in the markets at all.
“Be patient, enjoy the knowledge that you are still in the market, accumulate positions. […] Big institutions come into play and the wisest thing you can do is follow them,” added van de Poppe.
In June, 10T Holdings co-founder Dan Tapiero announced the end of the bear phase and predicted an “explosive” rally. In July, Binance CEO Changpeng Zhao talked about preparing the platform for a new bull market.
Recall that the head of research at Matrixport, Markus Thelen, predicted the growth of bitcoin to $125,000 by the end of next year. Analysts at Standard Chartered came to a similar conclusion – $120,000 in 2024.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!