Michael van de Poppe, a widely followed cryptocurrency strategist, analyzed the top cryptocurrencies. Van de Poppe talked about Bitcoin and Ethereum and conveyed his expectations. He also says that the recent sell-off in the crypto markets is reminiscent of the 2018 bear market bottoms. Here are the details…
Analyst tracks market cap of Bitcoin and altcoins
Michaël van de Poppe told his 623,200 Twitter followers that he closely follows the TOTAL chart, which tracks the overall market value of all crypto assets. The crypto analyst expects TOTAL to act just as it did during the bottom of the 2018 crypto winter. The analyst thinks that the 200-week moving average (MA) will be retested, just like then. The analyst uses the following statements:
Where are we at this point? I see a similar price action with the fourth quarter of 2018. In terms of total market cap, it should bounce off the 200-week MA. If rejection and retesting occur, higher lows are seen. Then we accelerate upwards. Very comparable price action.
At the time of writing, the total cryptocurrency market value is around $1,067 trillion, up 1.5 percent. It is also above the mentioned 200 MA.
BTC in the phase of horizontal accumulation
Looking at Bitcoin, the crypto strategist says that BTC is still in a horizontal accumulation phase. However, he warns traders that BTC could still drop to $19,000. After the short correction, Van de Poppe sees BTC rebound in line with his predicted rise in crypto market cap. The analyst uses the following statements:
The Bitcoin scenario is quite possible in my opinion. In this case: A bullish divergence is created on a weekly timeframe. Bottoms are being swept for liquidity (or retest). The total market cap remains intact at the 200-week MA. The general accumulation period for investors is coming.
At the time of writing, BTC dominates the overall market with a market cap of $410 billion, with a 38% dominance. It is also changing hands at $21,443, up 1.5 percent in the last 24 hours. Still, the cryptocurrency lost 11.3 percent in the 7-day period. As we reported as Kriptokoin.com, it declined from the $24,000-25,000 range it saw at the beginning of last week.
What’s next for Ethereum?
Finally, the analyst talks about Ethereum, which is the second largest cryptocurrency by market cap. Van de Poppe says ETH bulls should watch closely for a crucial support level. According to the analyst, if the decline continues, it is worth paying attention to $ 19,300 for Bitcoin and $ 1,400 for Ethereum. The analyst says that buyers should enter these zones on a regular basis. At the time of writing, ETH is changing hands for $1,611, up 1 percent in the last 24 hours.
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