Altcoin Market: In Which Stage are we Now, According to Top Crypto Expert 

Crypto markets have been under pressure for months, and many investors are asking the same question—where exactly are we in the altcoin market cycle?

According to renowned crypto analyst Michaël van de Poppe, the answer is clear: we’re in the depression phase.

In a recent post on X, van de Poppe explained that the key to understanding the current altcoin environment lies in comparing assets to Bitcoin ($BTC). “The primary charts to focus on are the $BTC valuations,” he wrote.

“They are all, due to macroeconomic factors, at the lows. We’re at the depression phase. After the depression phase is the bull phase.”

Van de Poppe referenced the widely known “Wall Street Cheat Sheet” to illustrate his point—a chart mapping the psychological stages investors experience throughout a full market cycle. The depression phase, positioned after panic and anger, is characterized by despair and emotional exhaustion. It’s when investors feel hopeless, saying things like “my retirement money is lost” or “how can we pay for all this new stuff?”

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According to the chart, this phase often represents the deepest point in the cycle, but also the final stage before a new upward trend. Historically, markets that survive the depression phase enter the disbelief stage, where early signs of recovery are met with skepticism. That’s followed by a shift into optimism and then full-blown euphoria during the next bull cycle.

Van de Poppe’s analysis suggests that, while sentiment remains bleak, this could be a pivotal moment. With valuations at historical lows and many altcoins forgotten by retail investors, the conditions may be forming for a major recovery—one that rewards those who remain patient and forward-looking.

If history repeats, the depression phase may be the last stop before the altcoin market turns bullish once again.