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The altcoin market has given a strong underperformance relative to Bitcoin (BTC) over the past few months losing market share to the world’s largest cryptocurrency. However, popular crypto market analyst Michael van de Poppe stated that this could be a good time to look into altcoins as the bear market phase won’t last long.
Why Bear Market Is Nearing An End?
Poppe stated that the bear market is drawing to a close. This bear market has held its grip on altcoins for an unusually extended period. To provide some context, altcoins like Chainlink reached their peak in August 2020 (in BTC pair), and most altcoins hit their all-time highs in USD value in May 2021. That’s nearly 29 months in duration.
Poppe adds that we’re now approaching closer to the next Bitcoin halving scheduled around mid-2024. On the other hand, the approval of a spot Bitcoin ETF is also approaching closer. Additionally, geopolitical uncertainties have led to a substantial rise in Gold prices and are likely to boost Bitcoin’s value in the near future, says the analyst.
BlackRock CEO Larry Fink has been more often talking about Bitcoin while recently calling it a flight to safety. It’s a matter of time before more and more institutions join the Bitcoin bandwagon and see it as a digitized version of gold.
Altcoins to Follow the Bitcoin Rally?
With the spot Bitcoin ETF around, analysts are expecting a significant upside to Bitcoin, and altcoins could follow later. Bitcoin has always been the first runner with investors rushing toward altcoins as there’s more confidence in the market.
However, over the past few weeks, some of the top altcoins like Solana (SOL) and Chainlink (LINK) have been already showing big moves driving market attention.
Ethereum appears to be struggling on multiple fronts, especially after the highly anticipated ETH ETF Futures launch failed to materialize. Presently, Ethereum is in the process of completing its last correction against Bitcoin. This explains the ongoing increase in Bitcoin’s dominance in the market, notes Poppe.
Citing past trends of the crypto bear market, Poppe explains: “Right now, people assume that we’ll be going down with the markets massively again. Just like we’ve been seeing 2019. Technically, N=1. If you have a case of N=1, perhaps you should be looking at a case of 2015/2016, in which we slowly started to grind upwards to the Bitcoin halving and never looked back”.
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