The leading cryptocurrency Bitcoin (BTC) has started a relief rally. However, it reversed course as expectations of the Federal Reserve to back down from aggressive rate hikes faded. Now, new bearish scenarios and forecasts are coming. Legendary analyst Michaël van de Poppe also shared his predictions about Bitcoin’s next move.
What’s going on in the cryptocurrency market?
Popular crypto analyst Michaël van de Poppe shared his predictions for the leading crypto Bitcoin (BTC) to his 623k Twitter followers. The analyst first looks at the general cryptocurrency market and says the following in this context:
The total market cap of crypto still looks the same. A rejection at the $1.2 trillion critical point is the point at which the market consolidates. Once it holds the 200-Week MA for support, it is likely to continue. In this case, the bottom is in or near.
Source: Michaël van de Poppe / TwitterMichaël van de Poppe then covers the crypto market in general, i.e. altcoins, excluding Bitcoin. In this context, the analyst makes the following assessment:
The total altcoin market cap was rejected at a crucial point ($700 billion). This was also a rejection point at the beginning of 2021 (and subsequently reversed support). Still holding the 200-Week MA means the bottom is relatively hit or close.
Source: Michaël van de Poppe / TwitterWhat is the possible scenario for Bitcoin and what is the target?
The popular analyst analyzes the development of the BTC/ETH pair, which is an important indicator for Bitcoin. Van de Poppe says the following about this:
We have witnessed a significant correction in BTC parity. For that, we wonder how ETH will react here. We’re not completely convinced we’re done. Ancal is a field for long games. It’s only possible for a splash. If lost, 0.065 BTC is likely to be next.
Source: Michaël van de Poppe / TwitterThe legendary analyst then shares his views on his predictions of $6,000-12,000 for Bitcoin. In this context, Michaël van de Poppe makes the following statement:
And more people are screaming for $6,000-12,000 for Bitcoin to retest. I remember the shouts for $1,000 retests in 2018 as well.
Michaël van de Poppe points out some criteria in the possible Bitcoin scenario. In this scenario, the analyst emphasizes three points:
A bullish divergence is created on a weekly time frame. Sweeping bottoms for liquidity (or retesting). The total market cap remained intact at the 200-Week MA.
Source: Michaël van de Poppe / TwitterFinally, the analyst explains the levels to be considered for BTC and ETH if the decline continues. Michaël van de Poppe uses the following expressions in this context:
If we continue to decline, it is important to note the $19.3K level for Bitcoin and possibly $1,400 for Ethereum. Buyers should enter these areas regularly.
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