Cryptocurrency Michaël van de Poppe, one of the world-renowned analysts, in his latest analysis published Bitcoin (BTC) evaluated.
Michaël van de Poppe Evaluates the Latest Situation of Bitcoin
Van de Poppe started his views on BTC as follows:
“When we look at the price movements of Bitcoin, we can say that it is definitely not looking good. I think I can say that we have been in a bear market since last spring. I think the uptrend in November is not a real bull.”
The analyst also talked about the sudden crash wave that altcoins experienced recently:
“We have seen that altcoins have experienced massive declines over the past few days. There are some rumors about DCG, but there is also a wave of FUD about Binance. That’s why we see that the coins that have links to both these parties are most affected.
At the stage we are in the market right now, I can say that nobody has faith in the cryptocurrency market. I think this time the bear market will last relatively longer. The bear market may decline with the four-year cycle.”
Van de Poppe continued his views on altcoins as follows:
“I think a lot of altcoins will disappear from the market and they will no longer have any real purpose. But Bitcoin will be permanent.”
The analyst said the following about macroeconomic factors and the outlook for Bitcoin:
“At the moment, macroeconomic factors are not helping the BTC price move higher at all.
Let’s look at the moving averages to find the support points. In the previous cycle, the 200-day moving average was touched and bounced back many times. In the recent declines, the BTC price has regressed to its 300-day moving average after a long break.
In the last decline, we see that the 300-day moving average is also lowered. After falling below this point, this level immediately turned into a resistance point. We are currently waiting for the 300-day moving average to become support again.
If that doesn’t happen, we could see a retest of the 400-day moving average. This level equates to approximately $13,700 to $14,000.”
According to the analyst, in order for the Bitcoin price not to drop to the $14,000 level, it needs to rise above the $18,300 level again.
The analyst stated that lower levels could be seen if the rumors about DCG’s bankruptcy turn out to be true.
*Not investment advice.
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