- Michael van de Poppe and Income Sharks believe now is the perfect time to start stocking up on altcoins.
- Altcoin prices are starting to surge as venture capitalists are actively promoting them to attract investment.
- Van de Poppe predicted that most altcoins will follow in LINK’s footsteps with an upward breakout after notable deviation below the previous price lows.
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.
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.
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.
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.
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