Altcoins
A top trader went all-in on altcoins only to see them collapse: “This is the time you want to risk the most”
Cryptographic analyst Michael van de Poppe shared his experience of going all-in on altcoins a month ago, only to see them collapse shortly after.
What happened: Van de Poppe has invested heavily in altcoins, anticipating a market recovery. He shared, “This is the time you want to risk the most.” Unfortunately, the markets corrected more than expected, leaving him and likely many others with their investments down. Despite the crisis, Van de Poppe remains undeterred and sees parallels with past market cycles.
Reflecting on his experience from the previous cycle in August 2020, Van de Poppe noted that he too had gone all-in on altcoins like Veracity VRA/USD, Polygon MATIC/USD e Ghost FTM/USD, only to initially see them fall by over 50%. However, these coins later increased dramatically, some by more than 200 times.
He is an example pointed it was outside Solana SOL/USD, which saw an initial correction of nearly 90% in 2020 before soaring more than 600%. Van de Poppe makes a hopeful comparison to current market sentiment, suggesting that the difficult first half of 2024 could lead to a strong upside return in the second half of the year.
Read also: Top Crypto Analysts See Ethereum and Altcoin Reversal Coming: “We Will Back Up in the Next Weeks”
Because matter: Van de Poppe says current market sentiment is turning pessimistic, but he believes a reversal is imminent. Sees the potential approval of the Ethereum The ETH/USD ETF is seen as a major catalyst for market momentum, likening it to the “Sell the Rumor, Buy the News” scenario.
He speculates that this historic event could shift significant investor interest and funds Bitcoin From BTC/USD to Ethereum, spurring a broader alternative season.
Looking back at historical patterns, he says, “Once Bitcoin broke its all-time high, that’s when altcoins started to broadly wake up,” suggesting we may be close to a similar shift.
What’s next: Van de Poppe highlighted the importance of staying invested and positioned for the upcoming altcoin bull run, saying: “I know the rodeo of the past cycle and I wouldn’t be surprised if this reverses to the upside in the coming months.”
Engage in further discussions about the upcoming trajectory and influence of Bitcoin as an institutional asset classMake sure you’re at Benzinga’s next event The future of digital assets event on November 19th.
This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
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