Bitcoin fell into a difficult situation in April, with an unprecedented drop.
But market expert Michael van de Poppe says there is a glimmer of hope on the horizon. He believes the worst may be over for Bitcoin's price decline. Recently, he talked about altcoin seasons and market cycles on his podcast and offered tips on how to get the most out of them.
Here's a detailed breakdown of his insights.
Is altcoin season approaching?
Van de Poppe is bullish about the possibility of an altcoin season, but recent trends cast doubt on its immediate arrival. The altcoin seasonal index spiked at the beginning of 2024, but plummeted after the halving event, indicating a renewed focus on Bitcoin.
Bitcoin's dominance has reached 50%, but altcoins have taken an even bigger hit recently, raising concerns about selling pressure. The index currently sits at 39, suggesting that altcoin season is not imminent. However, analysts see this as an opportunity to buy altcoins.
Tough times call for strategy!
Van de Poppe advises taking a cautious approach to profiting from altcoins' upside potential. He looks for altcoins that are doing well and is growing and moves his profits to other promising altcoins. He believes the prices of Bitcoin and Ethereum are still lower than their intrinsic value.
Van de Poppe said market cycles are becoming longer as more people are participating in and using cryptocurrencies. He believes this cycle could last until 2026 or 2027, with Ethereum leading the way over other altcoins.
looking for hidden gems
Van de Poppe highlights several altcoins with high potential for price appreciation. Solana has endured a long bearish cycle, making it an attractive investment option with the potential for further upside. Despite rumors of a “meme coin supercycle,” Solana has risen 450% in one year. Similarly, Ethereum is showing signs of breaking out despite lagging behind Solana in price.
NEAR Protocol is another promising player that is showing positive signs in our analysis. Chainlink is at the lowest point in its cycle, making it a good buying opportunity. Breaking through the $27 mark and holding steady could be a green light for investors to jump.
Unlike the wild altcoin boom of 2020/2021, experts predict that the 2024 altcoin season will be more subdued. They call this the “hidden bull market.”
What do you think about this new trend in cryptocurrencies? Share your thoughts.
