Well-known crypto analyst and trader Michael van de Poppe suggests that the bear market that has been pulling down Bitcoin (BTC) and altcoins may be coming to an end. In a noteworthy evaluation, the analyst also delivers good news for all altcoins based on the Bitcoin Dominance chart.
He Predicts a Rise in Bitcoin
Crypto analyst Michael van de Poppe states on his personal account on social media platform X that the downtrend in the cryptocurrency market may have already reversed and turned into an uptrend. He says, “We are in the final stage of the bear market for the cryptocurrency market.” Van de Poppe also adds:
In October, the trend may have reversed, and in November, we may enter an uptrend (retesting the $26,800 region) or we may see a rally before the block reward halving and ETF (exchange-traded fund). Bitcoin has good days ahead.
The analyst highlights that the potential long position buying zone for the largest cryptocurrency, Bitcoin, has been reached. He says, “Bitcoin has entered the potential long position buying zone. I’m starting to buy a little here. Dollar and bond yields are falling, Nasdaq and gold are rising. Bitcoin is lagging behind.”
Van de Poppe points out that Bitcoin has not yet shown enough strength and momentum to surpass $27,000. He warns, “Bitcoin is not showing strength. The upward momentum is not enough to surpass $27,000. Therefore, we may test lower levels before a possible reversal.”
Good News for Altcoins: I Expect a Relaxation of BTC.D
Examining the Bitcoin Dominance (BTC.D) chart, which measures the percentage of the total market value belonging to Bitcoin, Van de Poppe states that BTC.D has retested the 200-week Exponential Moving Average (EMA) again:
Bitcoin Dominance is retesting the 200-week EMA for the second time. In previous cycles, the 200-week EMA determined a potential top point. I believe a new top point is forming, which means BTC.D should decrease within 1-2 weeks.
