The current situation of the cryptocurrency market has been examined by a crypto trader Michael van de Poppe, and the results suggested that there might be hope for investors. The trader recently updated his 163,000 YouTube subscribers, saying that the future of altcoins depends heavily on Bitcoin’s bear. According to him, the price of altcoins is nearing a cycle low. Therefore, investors should stock up before selling in a year or two.
Significantly, Van de Poppe noticed a weekly bullish variation and commented that altcoins are getting ready to make a bottom. He predicted that if the leading cryptocurrency could go through $30,000, altcoins would finally kick into high gear and take over the cryptocurrency market.
In a Twitter thread, an expert crypto analyst, Michal van de Poppe, discussed the future of cryptocurrency trading.
Poppe’s tweets recommended keeping an eye on the $26,800 mark as a potential entry point, given that Bitcoin is trading at roughly $26,491 and has shown a solid response after reaching $27,400. BTC Price must stay above $27,800 support and break the $29,200 mark by flipping to confirm a trend reversal.
The thing is that; #Bitcoin reached $27,400 and gives a great response.— Michaël van de Poppe (@CryptoMichNL) May 10, 2023
I would still argue that possibly $26,800 is an entry spot.
What do we need now? Flip $27,800 for support and break $29,200.
$29,200 is the essential breaker before new highs. pic.twitter.com/od2MH4O0dK
Poppe recently updated his 163,000 YouTube subscribers, saying that the future of altcoins depends heavily on Bitcoin’s bear. According to Van de Poppe, the price of altcoins is nearing a cycle low. Therefore, investors should stock up before selling in a year or two.
As the crypto market continues to evolve, altcoins might be in for another correction after reaching the $30,000 mark. It could bring them down to the $42,000-$45,000 range. According to the market analyst, traders are being advised to begin accumulating their positions now because Bitcoin pairs are undervalued compared to Bitcoin’s current price. It could result in a shift from Bitcoin towards altcoins.
Michael Van De Poppe claimed that Bitcoin had achieved a significant entry point at $26,800. The choppy market conditions are expected to persist, according to the statement given by Poppe. It is noteworthy that the reason for market volatility is the withdrawal of liquidity from both sides of the system.