Crypto Trader Analyzes Bitcoin's (BTC) Weakness as Cryptocurrency Market Approaches the End of Bearish Phase

A Crypto Trader Predicts the End of the Bear Market and Analyzes Bitcoin’s Performance

A well-known crypto trader believes that the bear market in digital assets is coming to a close and discusses the current state of Bitcoin (BTC). According to Michaël van de Poppe, a crypto analyst with a large following, the crypto markets may already be reversing.

Van de Poppe suggests that the bear market for cryptocurrencies is in its final stage. He speculates that the reversal could happen as early as October, leading to an uptrend in November with a retest of the $26,800 level. Alternatively, the reversal could occur at the end of December, possibly triggering a pre-halving and ETF rally. Van de Poppe remains optimistic about Bitcoin’s future, stating that good times are ahead for the cryptocurrency.

The analyst also notes that BTC is entering a position suitable for long trades. However, he points out that Bitcoin is lagging behind other assets such as gold and the Nasdaq. Despite not displaying much strength, BTC is expected to test lower levels before experiencing a reversal.

Analyzing Bitcoin Dominance and Predicting Potential Top

Van de Poppe examines the Bitcoin dominance index (BTC.D), which measures how much of the total market cap belongs to Bitcoin. He highlights that BTC.D is currently testing the 200-week exponential moving average (EMA) for the second time. In previous cycles, this has indicated a potential top. Therefore, he suggests that BTC may need to stabilize within the next 1-2 weeks.

Closing Thoughts: The Bear Market Nears Its End

In summary, according to Michaël van de Poppe, the bear market in cryptocurrencies is reaching its final stages. He predicts that a reversal may already be underway or could occur in the coming months, leading to an uptrend in Bitcoin’s price. However, BTC currently lacks strength and is expected to test lower levels before experiencing a reversal. Van de Poppe also highlights the importance of monitoring the Bitcoin dominance index, which may provide insights into potential market tops.