A widely followed crypto analyst believes that altcoins are witnessing an encore of the latter stages of the 2015 and 2019 bear markets.
Crypto strategist Michaël van de Poppe tells his 663,800 X followers that altcoins are likely hovering in the zone of maximum opportunity for investors with a long-term horizon.
According to Van de Poppe, historical precedent suggests that altcoins tend to carve a bear market bottom eight to 10 months before the next Bitcoin (BTC) halving, a period when traders are mostly pessimistic about their crypto holdings.
“The best period is 8-10 months prior to the BTC halving. The period in which people have the lowest amount of confidence that their positions will continue to do well as we’re in the middle of the unwind of ‘time capitulation…’
ETH/BTC made its cycle low in September 2019. It also bottomed in October 2015.
Both were exactly 252 days before the Bitcoin halving.”
Traders keep a close watch on the Ethereum versus Bitcoin (ETH/BTC) chart as the pair often indicates the trend in the broader altcoin market.
Van de Poppe highlights that history tends to repeat itself, and he expects altcoins to emerge from their downtrend in the coming months, similar to how they escaped bear territory in 2019 and 2015.
“Most definitely, it doesn’t feel like we’ll be having some strength on altcoins, but more often than not, history repeats itself. It also repeats despite any variables in the markets.
Right now, it’s the recession fears (but how often did we get one if everyone is expecting it?). I’m sure we had the same in 2015 and 2019, and I’m also sure we’ll be having narratives to push markets forward.
[Moral of the story]: sit tight if you hold bags. Buy altcoins if you haven’t and hold for 2 years.”
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The post Crypto Analyst Says Altcoin History Will Likely Repeat Itself Despite Recession Fears – Here’s What He Means appeared first on The Daily Hodl.