Cryptocurrency expert denies rumors of a significant bitcoin collapse before the next cryptocurrency growth

Renowned cryptocurrency trader and analyst Michael van de Poppe has denied investors' speculation that bitcoin will fall to $ 12,000 before a new bull market. The analyst also dismissed the possible capitulation of altcoins.

«Altcoin investors are slowly losing faith in the market as assets are still not moving. Since May 2021, there has been a downward trend for most altcoins, and the bear market has been going on for more than two years,» he wrote.

Against the backdrop of hacking, bankruptcies, and litigation in the crypto industry, the expert does not find this surprising. De Poppe also noted that this is the longest bear market for virtual assets in general.

The trader said that most often, the downward sentiment on social media is found among those who first invested in digital assets in 2021, so they are experiencing their first bear market.

«For them, the slow loss of money feels extremely painful, and they only expect further drops in portfolio value. Why? They have experienced it, and people predict the future based on historical data,» the expert emphasized.

Today, August 7, the flagship cryptocurrency is trading at $ 29,025. The total number of coins circulating on the market is $ 564.56 billion. Traders made daily trading deals worth $ 8.35 billion.