Michael van de Poppe: The price of some altcoins could drop by 50%

The altcoin market is facing a correction that may last for weeks. The fall of some coins can reach 50%. At the same time, the correction does not cancel the transition of the market to the growth phase. This opinion with your subscribers shared popular analyst in the crypto community, Michael van de Poppe.

The analyst drew attention to the cyclical nature of the digital asset market, which is based on the reaction to halvings. Let us remind you that the event halves the speed of Bitcoin mining. The next division of payments will occur in the spring of 2024.

According to Popp’s observations, during periods that correspond to the current position of BTC relative to the halving, the market often consolidates. Such a “respite,” he believes, can become a support for continued growth.

Here are the points the analyst paid attention to:

• Correction of altcoins can reach tens of percent. The analyst recalled the decline in ETH by 30-50% before updating the highs.
• Some altcoins are already showing a sharp correction. The analyst cited Arbitrum as an example.
• The market behavior is very similar to the patterns recorded at the end of 2015 and 2019. There is a possibility of their recurrence. As an example, he cited ETH’s “breathing space” in 2015, which helped the cryptocurrency reach $1,400 in 2017.
• A return to market growth is likely. Michael van de Popp responded to critics who believe that altcoin investors should not expect returns comparable to past cycles. In his opinion, a repetition of the X’s is quite likely.
• DeFi is likely to grow in 2024. The analyst believes that against the backdrop of the next Bitcoin halving, the decentralized finance market will once again be in the spotlight of investors.