Michael van de Poppe, one of the well-known names in the crypto money world, claimed that the latest sales on his Twitter account progressed in a way similar to the end of the 2018 bear market. Here are the analyst’s remarkable predictions.
Sharing his views on his Twitter account, which has more than 620,000 followers, van de Poppe stated that he closely follows the “TOTAL” chart, which tracks the overall market value of all crypto assets.
According to the analyst, TOTAL may soon retest the 200-week moving average (MA), which it did during the “bottom of the crypto winter” in 2018.
“If you ask how we are at the moment, I can say that I saw a price movement similar to the fourth quarter of 2018. In terms of total market capitalization, we can make a jump from the 200-week moving average. If this test is rejected, a retest may occur and a jump to higher levels may occur with lower values.”
At the time of writing, TOTAL was hovering above the 200-week MA with $1.002 trillion.
In his Bitcoin prediction, Van de Poppe thinks that BTC is still in a horizontal accumulation phase, but continues to warn traders about the risk of falling to $19,000. He thinks that after a brief correction, BTC has recovered in line with his predicted rise in crypto market cap.
“I think the Bitcoin scenario is quite possible. If such a scenario continues; On a one-week timeframe, the bullish divergence will continue, we will have swept lows for liquidity or retesting, and the overall market cap will remain intact with the 200-week MA. This is testing a general period of accumulation for investors.”
At the time of writing, BTC was valued at $21,390 on a constant day-to-day basis.
Complementing his analysis with Ethereum, Van de Poppe stated that ETH bulls should closely monitor a crucial support level.
“If we continue to decline, it is important to note the $19,300 level for Bitcoin and possibly $1,400 for Ethereum. Buyers should enter these areas regularly.”
At the time of writing, ETH is changing hands for $1,630, up 1.30% in the last 24 hours.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.