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.
“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.”
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Featured Image: Shutterstock/Ahmed Muntasir
