- Michael van de Poppe refutes Bitcoin plummeting to $12,000 before bullish surge.
- Altcoin market losing confidence due to momentum shortage, says Van de Poppe.
- Van de Poppe advises patience and aligning with prominent institutions.
Michael van de Poppe, the esteemed founder of MN Trading, has effectively refuted the notion of Bitcoin plummeting to $12,000 before initiating another bullish surge. This highly regarded crypto analyst has also vehemently opposed the notion of the altcoin market enduring another downturn before ascending.
Van de Poppe took to Twitter to elucidate his viewpoint, asserting that altcoin enthusiasts are gradually losing confidence in the markets due to a momentum shortage. The astute crypto analyst noted that numerous altcoins have been entrenched in a downward trajectory since May 2021, signifying an enduring bear market that has persisted for over two years.
Although acknowledging the ongoing crypto market trend as the most extended bear market, Van de Poppe observed that this occurrence is not unexpected within the industry. He attributed the prolonged bear market to the numerous attacks the blockchain ecosystem encountered in 2022. In his professional opinion, governments utilized these attacks as opportunities to introduce regulatory measures to safeguard investors.
According to Van de Poppe, the government’s well-intentioned efforts to safeguard investors may inadvertently harm the crypto ecosystem. He pointed out instances such as the Securities and Exchange Commission (SEC) taking legal action against Binance and the Department of Justice (DoJ) conducting investigations into the same crypto exchange. Meanwhile, amidst these developments, TradeFi entered the ecosystem with proposals for ETFs and establishing a crypto exchange called EDX.
Van de Poppe asserts that these advancements validate that past experiences influence social media sentiment. In his professional opinion, most outspoken individuals have weathered their initial bear market and entered the cryptocurrency markets in 2021. He posits that such individuals are experiencing the distress of witnessing a gradual decline in their investments and anticipate a further continuation of this trend. Van de Poppe contends that this expectation stems from people’s tendency to forecast their future based on historical data, a common practice within the crypto industry.
Contrary to this viewpoint, the crypto analyst holds a divergent opinion regarding the indefinite continuation of the downward trend. He advises crypto enthusiasts to exercise patience and emulate the strategies employed by prominent institutions that are actively amassing positions. Van de Poppe asserts that the most prudent course of action is to align oneself with these institutions.
