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"Prominent cryptocurrency traders suggest that digital assets are approaching the end of the bear market, while Bitcoin (BTC) is currently experiencing a decline.
Cryptocurrency analyst Michaël van de Poppe told his 668,300 followers on the social media platform X that the cryptocurrency market might have already started to reverse. ""The final stage of the cryptocurrency bear market. We might have reversed in October and entered an uptrend in November (retesting the $26,800 area), or we might reverse at the end of December with the pre-halving and ETF (Exchange-Traded Fund) bounce. The good times for Bitcoin are approaching.""
According to the analyst, Bitcoin is entering a potential bullish phase. ""Bitcoin is entering a potential bullish area. I'm starting to buy some here, let's see where we're heading with the CPI tomorrow. The dollar and yields are down, Nasdaq and gold are up. Bitcoin has lagged behind.""
The trader mentioned that Bitcoin hasn't displayed significant strength yet. ""Bitcoin hasn't shown strength. The upside momentum got rejected around $27,000, so we might test some lower levels before we see a reversal.""
Considering the Bitcoin Dominance (BTC.D) index, which measures the proportion of total market value that Bitcoin represents, Van de Poppe stated that BTC.D is once again testing the 200-week Exponential Moving Average (EMA). ""The dominance of Bitcoin is retesting the 200-EMA for the second time. In the previous cycle, this confirmed a potential top. I think we're getting close to that point, which means Bitcoin also needs to stabilize over the next 1-2 weeks.""
At the time of writing, BTC's value is $26,697." |
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Post time 18-10-2023 13:15:13
