After experiencing a week of declining prices, primarily driven by Bitcoin (BTC), a well-known analyst, Michaël van de Poppe, suggests that the market is approaching its bottom. Van de Poppe cautions his 715,600 followers on the X social media platform that BTC may still need some time to recover from its nearly 7% drop over the past two weeks. However, he believes that most of the downward movement has already occurred, with a potential 5-10% correction remaining before altcoins take over and Bitcoin reaches a new all-time high.
BTC is currently valued at $59,290, showing a 4% increase in the last 24 hours. Van de Poppe explains that the decline in altcoin prices is to be expected after a prolonged bear market. He notes that sentiment is low, retail investors are absent, and the prevailing expectation is for the markets to continue falling. This is particularly true for altcoins, which have experienced the longest bear market lasting 2.5-3 years.
Van de Poppe also focuses on Ethereum’s layer-2 altcoin, Optimism (OP), expressing optimism about its future performance. OP has already seen an increase of over 50% since its last low, and the analyst expects it to continue rising in the near future. He advises taking advantage of any 20-30% dips in OP’s price as an opportunity to accumulate more tokens.
Regarding Ethereum itself, the leading altcoin by market cap, Van de Poppe believes it could potentially drop to $2,500 before experiencing a rally. However, he personally doesn’t anticipate a significant correction in the market. He suggests that the majority of the downside has already been accounted for.
At the time of writing, ETH is trading at $2,997, reflecting a 4% increase since the previous day.
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