In a recent statement, cryptocurrency analyst Michaël van de Poppe shared his views on the future trajectory of altcoins.
According to Van de Poppe, altcoins are currently in a correction phase that could last a few days or weeks, but they remain in an overall uptrend.
Drawing parallels with the market trends observed at the end of 2015 and in 2019, van de Poppe claimed that the period we are in is very similar to those periods. Poppe gave the example of Ethereum, which rose from $1 to $14 at the end of 2015 and continued its rise to $1,400 in 2017.
Although it was believed that such returns would never be seen again, van de Poppe claimed that they would indeed return. He even argued that existing projects, which had provided 5-10x returns at the beginning of this bull cycle, had only just begun their rise.
However, he warned that these rallies will be interrupted by multi-day corrections that will cause a return to support zones on the higher time frame charts.
Van de Poppe stated that Ethereum also experienced corrections of 30-50% before reaching its real peak, which he described as normal. Van de Poppe said that 1 hour, 4 hour and 15 minute charts should be watched for such trends.
Van de Poppe mentioned Arbitrum, which he claimed is currently sitting on support and is making a corrective move like the rest of the markets. According to Van de Poppe, this correction ends in the higher timeframe support areas.
*This is not investment advice.