Popular Analyst Predicts Big Rises for Bitcoin and Crypto Markets
A widely followed crypto strategist says the recent selloff in crypto markets is reminiscent of the bear market low of 2018.
Michaël van de Poppe tells his 623,200 Twitter followers that he keeps a close eye on the TOTAL chart, which tracks the aggregate market capitalization of all crypto assets.
According to the crypto analyst, he is waiting for TOTAL to retest the 200-week moving average (MA), just like it did during the 2018 crypto winter low.
“Where are we at this point? I see price action similar to Q4 2018.
Rebounding from 200 week MA on total market cap crypto.
Rejection and retest in progress, higher low granted -> acceleration up after.
Very comparable price action.
At the time of writing, TOTAL sits above the 200-week MA at $1.002 trillion.
Looking at Bitcoin, the crypto strategist says BTC is still in a sideways accumulation phase, but warns traders that the crypto king could still drop to around $19,000. After the brief correction, Van de Poppe sees BTC rallying in line with its expected rise in crypto market capitalization.
“The Bitcoin scenario, I think, is quite likely.
In this case:
A bullish divergence is created on a weekly time frame.
Scanning dips for liquidity (or retesting)
The total market cap over the 200-week MA remains intact.
Aggregate accumulation period for investors.
At the time of writing, BTC is valued at $21,390, fixed on the day.
As for Ethereum, Van de Poppe says ETH bulls should stay close look at a crucial level of support.
“If we continue to decline, it is important to keep an eye on the $19,300 level for Bitcoin and likely the $1,400 area for Ethereum. Buyers should regularly intervene around these areas.
At the time of writing, ETH is changing hands for $1,630, up 1.30% in the last 24 hours.
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