Crypto analyst Micha\u00ebl van de Poppe says altcoins are likely ready to trend higher after a long \u201cdepression phase\u201d at very low prices.<\/p>\n
Van De Poppe tells<\/a> his 666,000 followers on social media platform X that the numerous applications for crypto exchange-traded funds (ETFs) are indicating coming strength for digital assets.<\/p>\n \u201cAltcoins are in their depression phase and are ready to start trending upwards.<\/em><\/p>\n It might sound repetitive, but for most of the altcoins, the lows might be in or close to in.<\/em><\/p>\n The interest in crypto is at the same levels as in 2020, while BTC pairs are slowly breaking out.<\/em><\/p>\n The interest in the markets isn\u2019t there, while we\u2019ve got some important indicators in the meantime:<\/em><\/p>\n \u2013 Bitcoin spot ETF around the corner.<\/em> The institutions are jumping in.\u201d<\/em><\/p>\n The analyst references the Wall Street Cheat Sheet, a classic chart that attempts to depict the psychological phases that investors go through during volatile market cycles. According to the theory, the end of the cycle is the \u201cdepression phase,\u201d where prices are at extreme lows.<\/p>\n The depression stage is typically followed by the \u201cdisbelief\u201d phase, where prices begin to rise slightly but most market participants do not see any significance in it.<\/p>\n Looking at Bitcoin (BTC<\/a>), Van De Poppe says<\/a> he\u2019s looking for price to leave the range between $24,500 and $26,800. A move to the bottom of the range would indicate a discount and a move to the top of the range would suggest a breakout, according to the analyst.<\/p>\n \u201cDon\u2019t get chopped out in this range of Bitcoin.<\/em><\/p>\n It can last for some more weeks. Ultimately ending up with a fake-out and then the real move.<\/em><\/p>\n If we break above $26,800. I\u2019ll be a massive buyer.<\/em> At time of writing, BTC is trading for $25,873.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
\u2013 Ethereum spot ETF applications.<\/em>
\u2013 Ethereum futures ETF around the corner.<\/em><\/p>\n
If we drop to $24,500-25,000, I\u2019ll be a massive buyer.\u201d<\/em><\/p>\n
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