Much of the cryptocurrency market, including Bitcoin, its representative and largest asset by market cap, is trading in the red this week. However, it is possible that the industry as a whole will soon turn things around for the better. According to analysts, the market is poised to continue towards new highs. Meanwhile, analytics platform Santiment says there is a high probability of a jump for 5 altcoins besides Bitcoin. Popular analyst Michaël van de Poppe has a positive sentiment for BTC and ETH.
Bear sentiment has taken over the crypto discourse this week!
cryptokoin.comAs you follow from , the market started the new week in the red zone. On the second day of the week, Solana, one of the important catalysts of the market, experienced a network outage. This negatively affected the market. Analytics platform Santiment also drew attention to this negative sentiment. Santiment shared the following regarding the issue:
There is a notable bear sentiment taking over the crypto discourse this week, as crypto market caps have been volatile since the bull cycle began in October and lack the usual growth investors are used to.
Santiment talks about the possibility of a bounce for BTC and 5 altcoins
The analytics platform noted that Bitcoin, Ethereum, Binance Coin, XRP, Cardano, and Solana have a more negative audience sentiment compared to their historical averages. He also emphasized that this situation occurred for the first time in more than 6 months. Based on this, Santiment continued his evaluation as follows:
XRPLedger, Cardano, and Solana are in a more negative audience sentiment range compared to their historical averages. This is the first time this has happened in more than 6 months. When investors are worried and show FUD across multiple major assets, it is a sign that market values are more likely to see an impending bounce. Markets historically move in the direction the crowd least expects. This causes the rise to catch many short investors off guard.
Analyst: Get ready for a ‘major bull run’ in Bitcoin and crypto!
In particular, popular crypto analyst Michaël van de Poppe predicts that the next two years will be extremely bullish for Bitcoin and the altcoin market. The analyst expects Ethereum to go through a period of consolidation where “it will begin to outperform, especially if the upgrades are to be successful.” Additionally, the analyst predicts that BTC will be in the $48,000 range in the pre-halving period.
The analyst says that Ethereum price will experience the positive impact of the long-awaited Dencun upgrade, which is about to go live on the final test-net in the next few days. In terms of altcoin projects other than ETH, Van de Poppe states that the market cap is “unchanged.” He states that he has converted a significant area of 600 billion dollars for support. It also notes that a 530-day range has ended and markets are in a trend. In this context, the analyst adds that he expects it to continue towards $1 trillion.
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