Experienced cryptocurrency analyst Michael van de Poppe believes that the largest cryptocurrency, Bitcoin, is trading just below an important level that indicates the start of a bull run. The analyst also highlighted XRP, which he expects to make a significant upward move in the medium to long term, and advised buying it when it reaches the expected entry point.
Analyst’s Bitcoin and XRP Analysis
Well-known cryptocurrency analyst Van de Poppe states that Bitcoin needs to surpass the $29,800 level in order to start a rally, saying, “The lower range still serves as support for Bitcoin.” He expects a significant price increase if Bitcoin surpasses the mentioned level.
BTC is currently trading at $29,393. The largest cryptocurrency by market value has increased by 0.16% in the past 24 hours and 1.33% in the past week.
Following Bitcoin, Van de Poppe looks at Ripple’s XRP and says, “I expect the entry point for XRP to come. I believe it will perform well and should be in your portfolio in the near future.”
The “Boring” Cycle of the Cryptocurrency Market
Analyzing the overall cryptocurrency market, Van de Poppe reiterated his call for a bull cycle. The experienced analyst shared a long article titled “Investor Perspectives on the Cryptocurrency Market,” saying, “Read this when the bull cycle approaches,” and stated the following:
“I see many people claiming that Bitcoin will drop to $12,000 and altcoins will hit new lows. I don’t think we will experience that, and in this article, I will explain why. Ultimately, we are in the second stage of capitulation, which means it’s time. This stage is when you feel like there is no movement in the markets and you turn to other markets instead of the cryptocurrency market.”
Looking at the “Psychology of a Market Cycle” table shared by the analyst, it is noticeable that the next cycle after the cryptocurrency market exits the depression phase is the phase of disbelief.
