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Altcoin prices have been bleeding for months, leaving many investors wondering if the market is completely dead. Crypto analyst Michael van de Poppe says the answer isn’t so simple. In fact, he believes the altcoin market may be approaching a similar turning point to the one it experienced in past cycles, just before making significant moves. 

Altcoins Down 80%: A Cycle Unlike Any Other

But is it time to give up or hang tight? The year started with big hopes, especially for altcoins. But instead of a rally, most altcoins dropped over 80% from their highs. 

According to analyst Michael Van de Poppe notes that this cycle is different from anything we’ve seen before, making it hard to compare to past market moves. This market cycle isn’t following the usual patterns. 

— Michaël van de Poppe (@CryptoMichNL) June 21, 2025 He believes we’re in a period similar to late 2019 or late 2020, times in crypto history that marked the bottom for altcoins before a new rally began.

To support his view, van de Poppe draws comparisons with earlier cycles, like those in 2016 and 2019. In both cases, altcoins bottomed out during times of global uncertainty, while gold prices were climbing. Fast forward to today, and we see a similar picture: gold is strong, global markets are unstable, and investors are being cautious with risky assets.

Why Altcoins Aren’t Moving Yet

Despite a recent 40% surge from Ethereum against Bitcoin, most altcoins haven’t followed. Van de Poppe says this is because confidence and positive sentiment are missing from the altcoin space. 

Right now, it doesn’t take much selling to push prices lower, but there’s also quiet accumulation happening; some investors are slowly buying up coins at these low levels.

What Needs to Happen Next

Poppe believes the next move depends on Bitcoin. If Bitcoin manages to bottom out and climbs toward $106,000, it could boost Ethereum again. That second push could trigger a strong rally across the altcoin market. 

And once that happens, short positions might get liquidated, leading to fast and sharp price moves up.