Top market analyst Michael van de Poppe is optimistic about the state of the crypto market, with Bitcoin (BTC) showing strength as it shows a sequence that reflects a repeat of its historic rally.
The profit has accrued from the leading coin has been overwhelming year-to-date (YTD). With Bitcoin trading at just under $15,000 this time last year and its current price at $37,121, a 124% increase year-to-date is a key factor in it finally entering the first phase of the next bull cycle.
Highlighting the current positioning of Bitcoin (BTC).
Based on a chart shared by the top analyst, the price of Bitcoin (BTC) moves in a repeated sequence characterized by a year in which the coin faces strong downward pressure, then another year of intense accumulation, followed by a year, which is characterized by an upward phase The last cycle culminates in a mania that can eventually cause prices to go parabolic.
According to the chart shared above, Bitcoin is currently in the one-year bullish phase as marked by the purple box. Many analysts agree that the time is right for Bitcoin as we have seen steady accumulation over the past year and companies like MicroStrategy have doubled down on their Bitcoin strategy.
The analyst is optimistic about the likelihood of the Bitcoin spot ETF being approved With the SEC as well as the upcoming halving, the market could actually enter the mania phase where Bitcoin will retest its all-time high (ATH) in the coming months.
In addition to Michael van de Poppe, several industry experts have also predicted a massive price target for Bitcoin ahead of the Bitcoin ETF and the quadrennial halving.
Impact on Altcoins
Michael van de Poppe’s analysis would not be complete without mentioning the impact on altcoins. He believes that altcoins behave differently in each phase of the Bitcoin growth cycle and that altcoins generally experience a bear market in the accumulation phase.
This trend is changing quickly as most altcoins generally join Bitcoin in the bull or mania phase.
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 corresponds to reality. As the industry awaits more significant triggers such as the Bitcoin ETF approval update, we will see how far Bitcoin and altcoins rise in the coming weeks.
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