Popular Analyst Predicts Sharp Rallies for Bitcoin and Crypto Markets Says Recent Pullback Flashing 2018 Bear Market Bottoms
A popular crypto strategist says that the recent sell-off in crypto markets is reminiscent of the bottom of the 2018 bear market.
Michaël van de Poppe tells his 623,200 Twitter followers that he keeps a close eye on the TOTAL chart, which shows the total market cap of all crypto assets.
According to the crypto analyst, he is waiting for TOTAL to retest the 200-week moving average (MA) just like it did during the 2018 crypto winter low.
“Where are we at this point? I’m seeing similar price action as in the fourth quarter of 2018.
Jump from the 200-week MA to total crypto market cap.
Rejection and retest occurs, higher low is granted -> acceleration to the upside.
Very comparable price action.”
Source: Van de Poppe/Twitter
At the time of writing, TOTAL is hovering above the 200-week MA at $1.002 trillion.
Looking at Bitcoin, the crypto strategist says BTC is still in a sideways accumulation phase but warns traders that the king crypto could still drop to around $19,000. After the brief correction, Van de Poppe sees BTC rallying in line with his forecast crypto market cap surge.
“The bitcoin scenario is quite likely in my opinion.
In this case:
A bullish divergence occurs on a weekly time frame.
Sweep the lows for liquidity (or retest)
The 200-week MA of total market cap remains intact.
Total savings period for investors.”
At the time of writing, BTC is valued at $21,390, unchanged on the day.
Regarding Ethereum, Van de Poppe says that ETH bulls should closely monitor a crucial support level.
“If we continue falling, it is important to keep an eye on the $19,300 level for Bitcoin and the likely $1,400 area for Ethereum. Buyers should regularly intervene near these zones.”
At the time of writing, ETH is exchanging hands at $1,630, up 1.30% over the past 24 hours.
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