Popular crypto analyst Michaël van de Poppe believes the cryptocurrency is not in a bear market, although Bitcoin is currently struggling above the $45,000 zone. The price of the leading cryptocurrency is struggling above the $46,000 zone and could drop to $43 soon. However, the popular analyst thinks that the bearish market has not yet appeared.
Van de Poppe: Bitcoin is not currently in a bear cycle
The cryptocurrency market took a dip earlier this week, losing more than $300 billion in value in the process. While the Bitcoin price was trading at $52,000 earlier this week, it fell below the $45,000 zone and bottoms were seen.
Ethereum was also one of the affected cryptocurrencies and traded here for a while, dropping from $3,800 to below $3,300. However, the market has rebounded a bit, with BTC currently trading above the $46,000 zone. BTC is still struggling to keep its price above this level, and some analysts believe that the price of the flagship cryptocurrency could drop further in the coming hours and days.
Bitcoin’s rally will strengthen altcoins, analyst says
Popular cryptocurrency analyst Michaël van de Poppe explained in his latest YouTube video that the cryptocurrency market is not in a bearish trend. He is optimistic that the $45,700 and $44,000 support levels will be enough for Bitcoin to stay above $46,000 and rally. If BTC can break the $46,700 resistance level, it could rise even higher. He stated that if it surpasses this resistance level, there is a chance for BTC to break the $47,500 level and go as high as $50,000 in the short term.
As we have reported as Kriptokoin.com, Bitcoin’s performance has been affecting the performance of other altcoins for a long time. While Bitcoin is rising, most altcoins are also performing well. When Bitcoin enters a bearish trend, other altcoins often underperform. Michaël van de Poppe reiterated this point, stating that Bitcoin’s move towards the $50,000 level could strengthen altcoins. According to the analyst, if Bitcoin continues in the current trend, its price could drop towards the $44,000 region, resulting in billions of dollars being wiped out of the cryptocurrency market. Bitcoin (BTC) price and detailed market data from here you can see.
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