Michael van de Poppe, a renowned cryptocurrency analyst and trader, said that the bear market that has been dragging down Bitcoin (BTC) and counterfeit currency may be coming to an end. In an important evaluation, the analyst also brought good news to all counterfeit currencies based on the dominance chart of Bitcoin
Michael van de Poppe, a renowned cryptocurrency analyst and trader, said that the bear market that has been dragging down Bitcoin (BTC) and counterfeit currency may be coming to an end. In an important evaluation, the analyst also brought good news to all counterfeit currencies based on the dominance chart of Bitcoin.
He predicts that Bitcoin will rise
Cryptocurrency analyst Michael van de Poppe stated on his personal account on social media platform X that the downward trend in the cryptocurrency market may have reversed and begun to enter an upward trend. He believes that currently we may be in the final stage of a bear market in the cryptocurrency market and proposes the following viewpoint:
In October, the market trend may reverse, while in November, there may be an upward trend, with the possibility of retesting the $26800 area. In addition, he pointed out that the market may rebound before the Bitcoin block rewards are halved and ETFs (exchange traded funds).
The analyst also emphasized that a potential long buying area for Bitcoin has emerged, and he himself has started buying Bitcoin in this area, believing that the US dollar and bond yields have declined, while the Nasdaq index and gold have risen, while Bitcoin's performance is relatively lagging. He is confident in the future performance of Tecoin.
VandePoppe pointed out that Bitcoin has not yet demonstrated sufficient strength and momentum to break through the critical level of $27000. He reminded, "Bitcoin has not yet shown sufficient strength. The upward momentum is not enough to break through $27000. Therefore, we may continue to test lower price levels before a possible reversal occurs
Good news for counterfeit coins: I expect BTC D will relax a bit
VandePoppe examined the Bitcoin Dominance (BTC. D) chart used to measure the percentage of Bitcoin's total market value in the crypto market and pointed out that BTC. D is retesting the 200 week moving average (EMA) for the second time:
The dominant position of Bitcoin is undergoing a second retest of the 200 week EMA. In the past cycle, the 200 week EMA has identified a potential peak. I believe that a new peak is forming, which means BTC D may experience a decline in the next 1-2 weeks.
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