Popular Analyst Predicts Sharp Upswings for Bitcoin and Crypto Markets, Says Latest Retracement Flashing 2018 Bear Market Bottom Vibes
A widely followed crypto strategist says the recent selloff in crypto markets is reminiscent of the bottom of the 2018 bear market.
Michaël van de Poppe tells his 623,200 Twitter followers that he is keeping a close eye on the TOTAL chart, which tracks the total market capitalization of all crypto assets.
According to the cryptoanalyst, 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 similar price development as Q4 2018.
Bounce from the 200-week MA on the total crypto market cap.
Rejection and retest take place, higher low is given -> acceleration upwards after.
Very comparable price action.”
At the time of writing, TOTAL is hovering above the 200-week MA of $1,002 trillion.
Looking at Bitcoin, the crypto strategist says that BTC is still in a sideways accumulation phase, but warns traders that the king crypto could still fall to around $19,000. After the brief correction, Van de Poppe sees BTC rallying in line with his predicted rise in the crypto market value.
“Bitcoin scenario, I think, is quite likely.
In this case:
Bullish divergence is created on a weekly time frame.
Sweep off the lows for liquidity (or retest)
Total market cap 200-week MA remains intact.
Total accumulation period for investors.”
At the time of writing, BTC is valued at $21,390, flat on the day.
As for Ethereum, Van de Poppe says ETH bulls should hold tight see at a decisive support level.
“If we continue to fall, it is important to keep an eye on the $19,300 level for Bitcoin and probably the $1,400 area for Ethereum. Buyers should regularly enter these zones.”
At the time of writing, ETH is trading hands at $1,630, up 1.30% in the last 24 hours.
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Featured image: Shutterstock/YUCALORA/Javvani
