The idea that Bitcoin would drop to $12,000 before starting a new bull run has been refuted by Michael van de Poppe, the founder of MN Buying and selling. The popular crypto analyst also disagreed with the idea that the altcoin market would see another crisis before recovering.
Van de Poppe clarified his position in a tweet and claimed that the lack of movement in the markets is causing cryptocurrency buyers to gradually lose faith in the markets. The cryptocurrencies have been moving lower since May 2021, signaling a bear market that has lasted for more than two years, according to the crypto expert.
Van de Poppe noted that the incidence is not exceptional despite the current crypto market development being recognized as the longest bear market. He blamed the prolonged bear market on the numerous attacks the blockchain ecosystem had to endure in 2022. According to him, governments exploited these assaults as an opportunity to intervene and establish a legislative framework to protect consumers.
Regardless of their good intentions, Van de Poppe believes that the federal government’s method for protecting buyers could undermine the cryptocurrency ecosystem. He gave other instances, including the Securities and Change Fee (SEC) lawsuit against Binance and the Department of Justice (DoJ) investigation into the same cryptocurrency transaction. While these were taking place, TradeFi entered the ecosystem through ETF proposals and a cryptocurrency change called EDX.
Such events, in Van de Poppe’s opinion, demonstrate that social media emotion is rooted in history. According to him, the most outspoken accounts are those who have entered the markets in 2021 after experiencing their first bear cycle. He believes that these people are deeply distressed over gradually losing their money and hope that the value of their portfolio would increase in the future. According to Van de Poppe, the basis for such an anticipation is that people typically make predictions about the future using information from the past.
The crypto analyst disputes, however, that the downward trend would continue indefinitely. He exhorted cryptocurrency users to be patient and follow the actions of significant organizations that are building positions. According to Van de Poppe, the best course of action is to observe these businesses.
