1
3
Cryptocurrency analyst Michaël van de Poppe, in his assessment of the Bitcoin market, stated that the current outlook is strong and he believes the bear market is over.
According to the analyst, a historical examination of the Bitcoin chart shows that markets only bottomed out below the 200-week moving average during the FTX and Luna crises of 2022. In other cycles, after the end of the bear market, the price rose to the 50-week moving average and entered a consolidation phase there.
Van de Poppe argues that, according to his thesis, the bear market ended with the lows formed in February, but he believes the current rally is still ongoing. The analyst stated that there is still room for further gains up to approximately $93,000, where the 50-week moving average is located. However, he was not certain whether this move would happen immediately, suggesting that the rally could slow down until June or later, adding that his assessments are based entirely on technical chart patterns.
Adding that he does not expect new lows in Bitcoin, the analyst said that the “bear flag” pattern, or continuation of the downtrend, which is becoming widespread in the market, has become overcrowded and there are no strong fundamental reasons to support new lows.
Van de Poppe, also commenting on the altcoin market, stated that the sector is still in its early stages. According to the analyst, new narratives and trends need to emerge during this process. Therefore, he noted that certain altcoins may show strong performance periodically, but these projects could lose momentum quickly.
*This is not investment advice.
thecryptobasic.com
