Altcoin
Final Capitulation of Altcoins as Crypto Depression Begins
Since the price of Bitcoin (Bitcoin) continues to decline, the rest of the market has followed, ushering in a cryptocurrency depression and sending altcoins into the final capitulation phase of the current trading cycle, according to renowned cryptocurrency trading the expert Michaël van de Poppe.
Specifically, van de Poppe said that he had already witnessed this part of the cycle, in 2020, and that the altcoins, which he had gone all-in on a month ago, were now starting to “bleed massively” but that now was the moment “that you would like to risk more”, according to him item on June 17th.
Altcoin Performance. Source: Michael van de Poppe
Echoes of the past
In fact, the cryptocurrency the analyst said he wasn’t worried about the current correction and decline in his investments because this wasn’t his first rodeo. In fact, he had gone all-in on the likes of Verasity (VRA), Polygon (MATIC), AND Ghost (FTM) in August 2020 over a very long period bearish market.
“The result? Initially, the coins started dropping more than 50% in a matter of months when the final correction took place. After that correction, some of them were running for more than 200x, leaving a big group of people behind .”
Van de Poppe also cited the example of Solana (SOL), which “increased by more than 600% in 2020” but “corrected by almost 90% during the second part of the year (…) before the big surge occurred”, referring to the “yield of over 100x” in 2021, and adding that history will repeat itself.
Good news for altcoin holders?
Finally, like the cryptocurrency market the specialist concluded:
“The first half of the year in 2022 and 2023 was terrible for the markets. The second part of the year was super positive, during which these produced a positive return. The first year of 2024 was once again terrible and the expectation is that we are about to have a big return to the upside in the second half of the year.”
In fact, he noted that the timing of his current losses continues investments coincided with the losses of the previous cycle and that altcoins “started to wake up broadly” once Bitcoin surpassed its all-time high (ATH), adding that it “feels like the same time right now.”
As it happens, even long-term investors in Bitcoin are not losing hope, considering the current price collapse of the flagship of decentralized finance (DeFi) asset as an opportunity tobuy the sauce‘ en masse, with the so-called Receiving “accumulation addresses”. tens of thousands of BTC in the last few days, as Finbold relationships.
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