A widely followed crypto analyst thinks that the current stress test in the market may be better for cryptocurrencies in the long run. So why?
According to popular crypto analyst Michaël van de Poppe, crypto markets are on the verge of breaking. According to the analyst, before the end of the first quarter, cryptocurrencies may fall.
“Markets are breaking, which means the whole saga around a pivot or pause in Fed policy will see a quick U-turn.
Two-year bonds are already falling from 5% to 4.75% as expected.
Meanwhile; assets will likely fall before the end of the quarter.”
Despite this prediction, the analyst adds that there is a great glimmer of hope in the current jolt of the crypto market.
“Ultimately, crypto and Bitcoin are going through a stress test with all the negative news kicking in.
However, from this point forward, crypto will only get more adoption as people will start to hate governments and banks.
It is inevitable.”
Besides, the trader draws attention to some critical levels specific to Bitcoin:
“The levels I will follow in Bitcoin are:
– Potential short position around $20,600 and/or $21,400.
– Potential longs at $18,100-18,600 including positive divergences and/or HL confirmation.”
You can check the price movements here.