Analyst Declares ‘Last Chance’ to Buy Cheap Altcoins

Analyst and MN Trading founder Michaël van de Poppe believes now is the ideal time for risky assets, urging the purchase of altcoins.

It’s the last chance to buy #Altcoins super cheap!

It’s been a strange bull market. Solana has been doing great, Bitcoin has been rallying to an all-time high pre-halving and after the Spot ETF launch, but altcoins have gone silent since that.

Is the reversal on the horizon for…

— Michaël van de Poppe (@CryptoMichNL) June 10, 2024

“It’s a strange bull market. Solana is doing great, Bitcoin has reached an all-time high pre-halving due to the launch of the spot ETF, but since then altcoins have been silent. Is a reversal expected in their direction? It’s very likely,” the expert wrote.

Earlier, van de Poppe sold all his accumulated Bitcoin, exchanging it for altcoins. According to him, he aims to maximize benefits from the current bull cycle.

He has identified several positive signals. Firstly, the ECB announced a rate cut, making it likely that the Fed will do the same in the US.

Secondly, the approval of 19b-1 forms for Ethereum-ETF has also added “fuel” to the market, although the instrument has not yet received final approval for launch. This means the market is currently in a “price vacuum,” but will resume movement once trading begins, the analyst believes.

“If we look back, the approval of the spot Bitcoin ETF did not lead to a positive price change. In fact, the approval caused a 20% correction across the board. After the S-1 approval and the start of trading on exchanges, there was an actual increase from $40,000 to $73,000,” van de Poppe added.

In his view, the difference between the current and previous ETF approval periods is that markets “provide terrible returns for altcoins.”

Van de Poppe expects the launch of Ethereum funds later this or next month. He is also confident that the second-largest cryptocurrency by market cap will be classified as a commodity.

The start of spot Bitcoin ETF trading “marked the peak of altcoin growth.” Since then, the sector has “suffered and delivered negative returns.”

“The listing of Ethereum-ETF is confirmation that there is more than Bitcoin, and it confirms that altcoins do indeed exist. Well, if we sum up, we can say that a price revision is necessary. […] ETH is still 20-30% below the 2021 peak. Other altcoins have also fallen by 50-80% from ATH,” clarified the MN Trading founder.

Van de Poppe emphasized that he will focus on assets that “haven’t moved at all.” He promised to share his positions on social media.

Back in May, several analysts indicated the approach of an altcoin season. Trader Mikybull believes the market is in a “disbelief stage,” which will soon transition to an “explosive rally.”

Previously, analyst PlanB predicted the start of an altcoin season in the summer, followed by a correction in the third quarter.