After a week of declining cryptocurrency prices, primarily driven by Bitcoin (BTC), a well-known analyst believes that the market is approaching its bottom. Crypto trader Michaël van de Poppe, who has a significant following of 715,600 on the social media platform X, warns that it may still take some time for BTC to recover after experiencing a nearly 7% drop in the past two weeks.

“While it may take a while for Bitcoin to fully recover, most of the downside movement has already occurred. There might be a further correction of 5-10%, but from this point onward, altcoins will take over until Bitcoin surpasses its all-time high,” van de Poppe explains.

At the time of writing, BTC is valued at $59,290, showing a 4% increase in the last 24 hours.

Van de Poppe sheds light on altcoins, stating that a decline like this is to be expected following a prolonged bear market. “Sentiment is low, and there is a lack of retail participation. The general expectation is that the markets will continue to decline. This is entirely anticipated, given that altcoins have been in a bear market for the past 2.5-3 years,” he remarks.

Taking a closer look at Optimism (OP), an Ethereum (ETH) layer-2 altcoin, van de Poppe remains optimistic about its future. “OP has been one of the best performers since the last market low, already gaining over 50%. I expect it to continue its upward trajectory, and any dip of 20-30% presents an opportunity to accumulate more,” he asserts.

At the time of writing, OP is valued at $2.77, showing a 9% increase in the day’s trading.

Regarding Ethereum, the leading altcoin by market capitalization, the crypto analyst believes that it could drop to $2,500 before experiencing a rally. “For the most optimal play, Ethereum might dip to the $2,500 range. However, I personally don’t foresee such a significant correction in the market. Most of the downside movement has already been accounted for,” van de Poppe predicts.

ETH is currently trading at $2,997, showing a 4% increase since yesterday.

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