Veteran Trader Reveals Bitcoin Has Entered First Phase of the Bull Cycle

Renowned market analyst Michaël van de Poppe recently indicated that Bitcoin (BTC) has successfully exited the accumulation phase and is now entering the first phase of the bull cycle. 

According to van de Poppe, this marks the commencement of the first year of the bull cycle, signaling the end of the preceding bear market.

In an accompanying chart, van de Poppe calls attention to four phases of the market cycle: the bear market (in red), the accumulation year (in green), the first bull phase (in purple) and the second bull phase (in green). According to him, the market often follows this path.

The latest bear market, spanning from November 2021 to November 2022, reached its nadir in November, with BTC finding its bottom at the time. The analyst says this phenomenon set the stage for a subsequent year of accumulation. 

As the current month draws to a close, van de Poppe asserts that this accumulation period is concluding, paving the way for the first phase of the bull cycle. This first phase of the bull cycle could span another year. He notes that this is typical in the market cycle.

Bitcoin Enters the Bull Cycle

During this initial bull phase, Bitcoin typically experiences a gradual upward trajectory, albeit without breaking its all-time high. While the firstborn crypto steadily ascends, altcoins begin to gain momentum. The market has observed this pattern in recent times.

Van de Poppe suggests that this phase is when altcoins exhibit significant growth. Notably, altcoins such as XRP, Cardano, and Chainlink have witnessed impressive surges, respectively up 11.21%, 21.53%, and 36.82% over the past seven days.

The analyst notes that most altcoins have already emerged from the bear market. He highlights that as long as Bitcoin doesn’t skyrocket, these altcoins will likely experience substantial gains, potentially appreciating by up to 500% to 1,000%.

Van de Poppe parallels previous cycles, noting that during the preceding cycle, Chainlink rallied towards its all-time high in a Bitcoin pair during the DeFi Summer. He anticipates a similar trend during the upcoming Spring/Summer, suggesting that markets will trend upward.

According to him, the first bull phase marks a crucial point in the cycle where altcoins start to surge, particularly as their Bitcoin pairs undergo significant declines. This trend is expected to intensify as the cycle progresses into the second phase, characterized by a mania period.

Meanwhile, Bitcoin recently reclaimed the $37,000 price territory for the first time since May 2022, adding weight to van de Poppe’s claims. BTC currently trades for $37,108, up 4.9% over the past 24 hours, with a trading volume of $26,155,477,022 ($26 billion).