Altcoin Bull Market is Here, According To Renowned Analyst

Now is the perfect time to start buying altcoins, according to analytics platform Income Sharks as well as renowned cryptocurrency trader and analyst Michael van de Poppe. According to an X post shared by van de Poppe yesterday, altcoins “are breaking out left and right”, which suggests that the bull market is here.

Might be finally time to start buying up some #Altcoins pic.twitter.com/sMQm9HMiGL

— IncomeSharks (@IncomeSharks) September 16, 2023

The analyst also explained why certain altcons might currently be experiencing price surges. Van de Poppe believes that the most apparent explanation would be that venture capitalists are actively promoting them to attract investment, unrelated to any shifts in the market conditions.

Nonetheless, when prominent cryptocurrencies begin to exhibit momentum, it indicates a tangible shift in the market dynamics. Additionally, the upcoming Bitcoin (BTC) halving, which is expected to occur in the next 6 to 10 months, serves as an additional rationale for van de Poppe’s suggestion to accumulate altcoins now.

It is, however, important to know that the current period is often assigned to the worst period of the cycle as people lose their faith in the markets and the markets continue to be ultra bad in terms of ROI. People have been bag-holding their positions for multiple years and every rally is getting sold off, according to van de Poppe.

3-day chart for LINK/USDT (Source: Binance)

The analyst referred to Chainlink (LINK) as a good example of this. On the altcoin’s 3D chart, a massive consolidation period can be seen, in which there is not much movement taking place. Investors anticipate a breakout whenever the price approaches resistance levels, and conversely, they expect a decline when it nears the lower range.

The #Altcoins are breaking out left and right. The bull market is here.

It’s crucial for altcoins to start moving in this period, as we’re in the worst period of the cycle.

That means, the best period to invest. But why is that? Altcoins are moving massively.

Let’s see. 👇… pic.twitter.com/Zu1GL5nt61

— Michaël van de Poppe (@CryptoMichNL) September 15, 2023

What is actually occurring is a notable deviation below the previous price lows, followed by an upward breakout, with the current retest holding as a support level. Van de Poppe stated that this a positive sign for potential further upward movement, and there is a strong likelihood that such a bullish trend may continue.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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