After a period of declining prices for cryptocurrencies led by Bitcoin (BTC), a popular analyst suggests that the market may be reaching its lowest point. Crypto trader Michaël van de Poppe cautions his 715,600 followers on the social media platform X that it may still take some time for BTC to recover from its nearly 7% decline over the past two weeks. However, he believes that most of the downside has already occurred and predicts that there may be another 5-10% correction before altcoins take over and push towards new all-time highs.

BTC is currently valued at $59,290, representing a 4% increase in the last 24 hours. Van de Poppe explains that the recent slump in altcoins is to be expected after a prolonged period of bearish market conditions. He states that sentiment is low, retail investors are not actively participating, and the expectation is that the markets will continue to decline. This is especially true for altcoins, as they have been experiencing a bear market for the past 2.5-3 years.

When focusing specifically on Ethereum’s layer-2 altcoin, Optimism (OP), the analyst remains positive about its future prospects. OP has been one of the best-performing assets since the last market low, with a gain of over 50%. Van de Poppe expects this trend to continue, viewing every 20-30% dip as an opportunity to accumulate more.

OP is currently valued at $2.77, reflecting a 9% increase for the day. Shifting attention to the leading altcoin, Ethereum (ETH), the analyst believes that it could potentially drop to $2,500 before experiencing a rally. However, he doesn’t anticipate a significant correction in the markets, as he believes most of the downside has already been accounted for.

ETH is currently trading at $2,997, showing a 4% increase since yesterday. It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.