Bitcoin had a rough time in April, taking a dive like never before.
But, there’s a glimmer of hope on the horizon according to market expert Michael van de Poppe. He thinks the worst might be over for Bitcoin’s price drop. Recently, he talked about altcoin seasons and market cycles in a podcast, giving tips on how to make the most of them.
Here’s a detailed breakdown of his insights.
Is Altcoin Season Looming?
Van de Poppe is feeling bullish about the potential for an altcoin season, but recent trends have cast doubt on its immediate arrival. The altcoin season index surged earlier in 2024 but plummeted after the halving event, indicating a renewed focus on Bitcoin.
Although Bitcoin’s dominance is at 50%, altcoins have taken a harder hit recently, fueling concerns about selling pressure. Currently, the index sits at 39, suggesting that an altcoin season is not imminent. However, analysts view this as a buying opportunity for altcoins.
Tough Times Call for Strategy!
Van de Poppe advises a careful approach to cash in on the potential altcoin upswing. Look for altcoins that are doing well and growing, then move profits into other promising ones. He thinks Bitcoin and Ethereum are still priced lower than what they could be worth.
Van de Poppe says market cycles are getting longer because more people are joining in and using cryptocurrencies. He thinks this cycle might last until 2026 or 2027, with Ethereum leading the way for other altcoins.
Looking for the Hidden Gems
Van de Poppe highlights several altcoins with strong potential for appreciation. Solana, having endured a lengthy bear cycle, is poised for further upside potential, making it an attractive investment option. Despite rumors of a “memecoin supercycle,” Solana has gained 450% in a year. On a similar note, Ethereum, despite lagging behind Solana in price, is showing signs of breaking out.
NEAR Protocol is another promising player showing good signs in its analysis. Chainlink is at its lowest point in the cycle, making it a good buy opportunity. Breaking through the $27 mark and staying steady could be a green light for investors to jump in.
Unlike the wild altcoin boom of 2020/2021, experts predict the 2024 altcoin season will be more low-key. They call it a “hidden bull market.”
What’s your take on this new trend in crypto? Share your thoughts.