- Poppe is optimistic about the current state of Bitcoin in the crypto market, asserting that Bitcoin is demonstrating strength by repeating a series of rallies in its history.
- He believes that altcoins behave differently in each stage of the Bitcoin growth cycle and often experience a bull market during the accumulation phase.
- Looking at the current performance of assets like Solana (SOL), Chainlink (LINK), and FTX Token (FTT), we can say that Michael van de Poppe’s thesis is consistent with reality.
Bitcoin price regains investors’ confidence with its impressive performance in October and November: Is the bull run starting?
Bitcoin Price Entering Its First Bull Stage
Renowned market analyst Michael van de Poppe is optimistic about the current state of Bitcoin (BTC) in the crypto market, stating that Bitcoin is demonstrating strength by repeating a series of rallies in its history. The gains achieved by the leading cryptocurrency this year have been astonishing. With a current price of $37,121 compared to around $15,000 traded just last year, it indicates a 124% increase since the beginning of the year, signifying that Bitcoin has finally entered the first stage of the next bull cycle.
Using a chart shared by the top analyst, it can be seen that the price of Bitcoin (BTC) moves in a repeated series defined by a year of intense downward pressure, followed by an accumulation year, then a year characterized by a bull stage, and the last cycle ends with prices going parabolic.
Based on the chart shared above, Bitcoin now appears to be entering the first year of the bull stage, marked with a purple box. After a year of continuous accumulation during which companies like MicroStrategy increased their Bitcoin strategy, many analysts agree that now is the right time for Bitcoin.
The analyst expresses optimism that, along with significant factors such as the potential approval of a Bitcoin spot ETF by the SEC and the upcoming halving event, the market might truly enter the frenzy stage in the coming months, testing Bitcoin’s All-Time High (ATH) levels.
Effects on Altcoins
Michael van de Poppe’s analysis cannot be complete without noting its impact on altcoins. He believes that altcoins behave differently in each stage of the Bitcoin growth cycle, often experiencing a bull market during the accumulation phase. This trend rapidly changes as most altcoins usually join Bitcoin in the subsequent bull and frenzy stages.
Looking at the current performance of assets like Solana (SOL), Chainlink (LINK), and FTX Token (FTT), we can say that Michael van de Poppe’s thesis is consistent with reality. As more significant triggers, such as the expected Bitcoin ETF approval update, are anticipated during this period, we will see how much Bitcoin and altcoins will rise in the coming weeks.
