- Michael van de Poppe debunked the idea of Bitcoin dropping to $12K before a bull run.
- The analyst opposed the idea of the altcoin market crashing again before going up.
- Van de Poppe attributed the bear market to attacks on the blockchain ecosystem in 2022.
Michael van de Poppe, the founder of MN Trading, has debunked the idea that Bitcoin would drop to $12,000 before embarking on another bull run. The well-known crypto analyst also opposed the idea that the altcoin market would experience another crash before going up.
Van de Poppe posted a tweet to explain his opinion and stated that altcoin investors are slowly losing faith in the markets due to a lack of movement. The crypto analyst observed that many altcoins have been in a downward trend since May 2021, marking a bear market that has lasted for more than two years.
Despite recognizing the current crypto market trend as the longest bear market, Van de Poppe noted that the development is not strange. He attributed the prolonged bear market to the various attacks the blockchain ecosystem experienced in 2022. According to him, governments used those attacks as avenues to step in with a regulatory framework for protecting investors.
Van de Poppe thinks the government’s approach to protecting investors could hurt the crypto ecosystem, despite their good intentions. He cited some examples like the Securities and Exchange Commission (SEC) suing Binance and the Department of Justice (DoJ) investigating the same crypto exchange. While those were going on, TradeFi entered the ecosystem through ETF proposals and a crypto exchange, EDX.
Van de Poppe believes such developments confirm that sentiment on social media is derived from history. According to him, Most vocal accounts are people who have endured their first bear cycle and have stepped into the markets during 2021. He thinks such people feel pained for slowly losing their money and expect a further continuation of their portfolio value. Van de Poppe believes the reason for such an expectation is that people predict their future based on historical data.
However, the crypto analyst disagrees that the downward trend would continue perpetually. He encouraged crypto users to be patient and follow the steps of big institutions that are accumulating positions. According to Van de Poppe, the wisest thing to do is to follow those institutions.
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