Top market analyst Michael van de Poppe is optimistic about the state of the crypto market with Bitcoin (BTC) showing strength as it displays a sequence that reflects a repeat of its historic rally.
The gain accrued by the premier coin has been mind-blowing Year-to-Date (YTD). With Bitcoin trading at just about $15,000 by this time last year, its current price of $37,121, a 124% surge YTD spells one key factor, that it is finally entering the first phase of the next bull cycle.
Highlighting Current Bitcoin (BTC) Positioning
Drawing on a chart shared by the top analyst, Bitcoin (BTC) price moves in a repeated sequence marked by 1 year in which the coin experiences intense bearish pressure, then another year of intense accumulation, followed by a year defined by a bull phase and the last cycle culminating in a mania that can eventually send prices going parabolic.
Per the chart shared above, Bitcoin is currently entering the 1 year of the bull phase as marked by the purple box. Many analysts agree that the time is right for Bitcoin as we have seen a consistent accumulation over the past year with the likes of MicroStrategy doubling down on its Bitcoin strategy.
The analyst is optimistic that with the likelihood of Bitcoin spot ETF approval by the SEC as well as the upcoming halving event, the market might truly be plunged into the mania phase that will see Bitcoin retest its All-Time High (ATH) in the coming months.
Besides Michael van de Poppe, several industry experts have also predicted a massive price target for Bitcoin ahead of Bitcoin ETF and the once-in-4-year halving event.
Implications for Altcoins
Michael van de Poppe’s analysis will not be complete without mentioning its impact on altcoins. He believes altcoins behave differently at each stage of the Bitcoin growth cycle and at the accumulation phase, altcoins generally experience a bear market.
This trend changes swiftly as most altcoins generally join Bitcoin in the bull and mania phases respectively.
Judging by the current performance of Solana (SOL), Chainlink (LINK), and the dramatic revival of the FTX Token (FTT), we can agree that Michael van de Poppe’s thesis is in touch with reality. As the industry expects more important triggers like the Bitcoin ETF approval update, we will see how far Bitcoin and altcoins soar in the coming weeks.