Altcoins
Altcoins Final Capitulation as Crypto Depression Sets In
Like the price of Bitcoin (BTC) continues to fall, the rest of the market followed, ushering in a cryptocurrency depression and send altcoins towards their final capitulation phase of the current trading cycle, according to the famous cryptocurrency trading expert Michaël van de Poppe.
Specifically, van de Poppe said he had witnessed this part of the cycle before, in 2020, and that altcoins, which he went all-in on a month ago, were now starting to “bleed massively”, but that it was the moment “you would want to risk more”, according to his article on June 17.
Altcoin performance. Source: Michael van de Poppe
Echoes of the past
Indeed, the crypto The analyst said he was not concerned about the current correction and the decline in his investments because it was not his first rodeo. In fact, he had gone all-in on companies like Verasity (VRA), Polygon (MATIC), And Ghost (FTM) in August 2020 for a very long time bear market.
“The result? At first, the coins started falling more than 50% in a few months, as the final correction took place. After this correction, some of them ran more than 200 times, which left a large group of people behind.
In addition to this, van de Poppe cited the example of Solana (GROUND), which “increased by more than 600% in 2020” but “corrected by almost 90% during the second part of the year (…) before the big rise occurred”, referring to to the “return of over 100x” in 2021. , and adding that history will repeat itself.
Good news for altcoin holders?
Finally, like the crypto market The specialist concluded:
“The first half of 2022 and 2023 was terrible for the markets. The second part of the year was very positive, thanks to which these generated a positive return. The first year of 2024 was once again terrible, and we are expected to be poised for a strong upside performance in the second half of the year.
In fact, he observed that the timing of his current losses on investments coincided with the losses of the previous cycle and that altcoins “started to wake up significantly” once Bitcoin broke its all-time high (ATH), adding that “it seems like the same time right now.”
It turns out that long-term Bitcoin investors aren’t losing hope either, given the flagship decentralized finance’s current price plunge (Challenge) an asset as an opportunity to ‘buy the dip‘ en masse, with what we call Receiving “cumulative addresses” tens of thousands of BTC in recent days, like Finbold reports.
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