A widely followed crypto trader says digital assets are reaching the end of a bear market as Bitcoin (BTC) is demolished.
Crypto analyst Michaël van de Poppe tells are 668,300 followers on the social media platform X that the crypto markets may already be turning around.
“The final phase of the crypto bear market.
We could see a reversal here as early as October and enter an uptrend in November (retesting the $26,800 area), or a reversal for a pre-halving and ETF (exchange-traded fund) in late December. rally.
Good times are coming for Bitcoin.”
According to the analyst, BTC is enter in a position for long trades.
“Bitcoin in that area of potential longs. I’m starting to buy some here, let’s see where we go tomorrow with the CPI (Consumer Price Index).
Dollar and interest rates fall, Nasdaq and gold rise. Bitcoin is lagging behind.”
According to the trader BTC still doesn’t show much strength.
“Bitcoin shows no strength.
The upside momentum ends in a rejection at $27,000, so we will likely test some lower levels before a reversal.”
Looking at the Bitcoin dominance (BTC.D) index, a measure of how much of the total market capitalization belongs to Bitcoin, Van de Poppe say BTC.D is once again testing the 200-week exponential moving average (EMA).
“Second time, Bitcoin Dominance offers a retest of the 200-EMA.
In recent cycles this has revealed a potential top. I think we are getting close, which means BTC should also settle within 1-2 weeks.”
BTC is worth $26,697 at the time of writing.
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Featured image: Shutterstock/intueri/LongQuattro
