Crypto analyst Michaël van de Poppe is predicting a quick recovery for altcoins after a significant market correction. He believes the recent downturn, fueled by a large crypto liquidation, mirrors the 2020 COVID-19 crash.
Altcoin Capitulation and the Road to Recovery
Van de Poppe, who boasts a large following on X (formerly Twitter), says the recent sell-off shows signs of “capitulation” in the altcoin market. Billions of dollars in crypto assets were liquidated, leading to a sharp drop in prices. He sees this as a typical end-of-trend market event, characterized by massive price swings. He expects a swift rebound followed by a rally.
Comparing to the 2020 Crash
He draws parallels to the March 2020 crash, where Bitcoin plummeted by around 60% and altcoins suffered similarly. Following that correction, however, the market saw a multi-year bull run. Van de Poppe believes a similar scenario could unfold this time.
The Whale Strategy: Buy and Hold
Van de Poppe advises retail investors to emulate the strategies of large investors (“whales”). While smaller investors panic-sell, he says whales are accumulating. His recommendation? Buy Bitcoin and altcoins and hold onto them. Over $2.27 billion in crypto was liquidated in the past 24 hours, according to CoinGlass.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $101,103.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before making any investment decisions.
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