Crypto strategist Michaël van de Poppe says traders should resist the fear of missing out (FOMO) and hold off on investing in XRP and Ethereum.
Ethereum has gained 18% in value in the past seven days while XRP has shot up by a whopping 115% in that same time period, according to CoinGecko.
As the market begins to correct, Van de Poppe says traders should be patient.
[adinserter block="1"]“I feel like I’ve got to tweet this, as I think a heavy amount of people have the feeling. Don’t FOMO into things like ETH at this point or XRP.
Definitely more upwards momentum coming in the following months, but be protective with the capital.”
The analyst says there are “heavy signals” that crypto entered a FOMO period for retail, which he says often occurs quite close to the intermediate tops of markets.
Unrealized profits are not realized profits and they are only becoming realized when you liquidate your positions.
If you have been in this market in the past three years, you know that what goes up must come down to test levels – especially [from] altcoin perspectives.”
Van de Poppe predicts the altcoin market will find a bottom in the weeks ahead. In the first quarter of next year, he expects a strong alt season to begin.
“The FOMO got its first punishment… things have seen a very large crash because of a slight correction of Bitcoin, which means we are not in an alt season yet.
We’ve just seen a relief rally and the real alt season will be in the first quarter of next year.”
[adinserter block="1"]Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Ahmed Muntasir
