According to the well-known #cryptotrader and analyst, Michael van de Poppe, who's famous for his crypto market analyses, it seems like a good time to consider buying #altcoins . In a recent post, Van de Poppe pointed out that altcoins are showing clear signs of breaking out, suggesting that the #bullmarket might be approaching sooner than expected.
Van de Poppe also cautioned investors about the reasons behind some altcoins experiencing price fluctuations. He believes that one apparent factor is the active encouragement of venture capitalists to invest, even without any significant new innovations in the market conditions.
Additionally, when major cryptocurrencies like Bitcoin start gaining momentum, it can signal a significant shift in the overall market. The upcoming Bitcoin halving, expected in the next 6 to 10 months, further supports Van de Poppe's recommendation to accumulate altcoins.
Furthermore, given the declining trust in traditional markets and disappointing investment returns, it's not unreasonable to think that the current period might represent the worst phase of the market cycle. Van de Poppe suggests that many investors have been holding onto their positions for years, anticipating major rallies.
As for Chainlink (LINK), one of the leading cryptocurrencies, Van de Poppe used it as an example. He noted that the price chart for $LINK indicates a prolonged consolidation phase with minimal movement. When approaching price resistance levels, investors could expect a breakout, and conversely, a decline when nearing the lower range.
In fact, the situation might involve a notable drop below previous low prices, followed by an upward breakout, a retest of the current resistance level, and holding as a support level. Van de Poppe mentioned that this could be a positive sign for a potential upward movement and the likelihood of a continued bullish trend.