Crypto analyst Michaël van de Poppe says altcoins are likely ready to move higher after a long “depression phase” at very low prices.
From De Poppe tells His 666,000 followers on social media platform
“Altcoins are in their depression phase and ready to start an upward trend.
It may sound repetitive, but for most altcoins the lows can be within or close to it.
Interest in crypto is at the same level as in 2020, while BTC pairs are slowly breaking out.
There is no interest in the markets, although we now have some important indicators:
– Bitcoin spot ETF around the corner.
– Ethereum spot ETF applications.
– Ethereum futures ETF around the corner.
The settings kick in.”
The analyst is referring to the Wall Street Cheat Sheet, a classic chart that attempts to depict the psychological phases that investors go through during volatile market cycles. According to the theory, the end of the cycle is the ‘depression phase’, when prices are extremely low.
The depression phase is usually followed by the ‘disbelief’ phase, where prices start to rise slightly, but most market participants do not see any significance in it.
Looking at Bitcoin (BTC), Van De Poppe say he is looking for a price between $24,500 and $26,800. A move to the bottom of the range would indicate a discount, while a move to the top of the range would indicate a breakout, the analyst said.
“Don’t be left out of this range of Bitcoin.
It may last for several weeks. Ultimately ending with a fake out and then the real move.
If we get above $26,800. I will be a big buyer.
If we drop to $24,500-25,000, I will be a big buyer.”
At the time of writing, BTC is trading at $25,873.
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Generated image: Midjourney
