A widely followed altcoin analyst has suggested that the latest meme coin rally will now turn bearish. According to their analysis, a hard sell awaits this altcoin.
“It is a good time to sell this altcoin”
Michaël van de Poppe, a crypto analyst with 656,900 Twitter followers, said it’s time to divest from Pepe Coin, which has been trending since April. You can take a look at the analyst’s accurate BTC price predictions from the 2020 period in this article.
In his current analysis, he says now is a good time to sell Pepe Coin. According to Poppe, “PEPE is moving downward. I think we will continue this trend. I prefer to watch an entry for a position preferably around $0.000000850. As long as $0.000001625 is not reclaimed, I am waiting for a short position for now.”
PEPE is currently trading at $0.0…01529. It has remained green around 1% over the last 24 hours. The popular meme coin has been among the crypto trends since it debuted in mid-April.
As you follow on Kriptokoin.com, on-chain analytics firm Santiment says that the PEPE rally is completely different from the DOGE and SHIB bull market in 2021.
Analyst expecting a drop in PEPE says Bitcoin will take action
Michaël van de Poppe thinks Bitcoin is now on the rise again, with its weekly gains over 2%. The technical analyst says that the first target of Bitcoin bulls will be the $27,200 region.
In their analysis, “The time has come to rise with Bitcoin. Bitcoin’s retracement at $27,200 took place. “Make a higher bottom here and we will head towards $29,000.”
Crypto analyst says historical data signals bullish
Regarding Bitcoin, Van de Poppe looks at the altcoin dominance (TOTAL2) chart, which is a measure of the strength of all cryptocurrencies other than Bitcoin. Accordingly, altcoins are likely reaching the bottom of their bearish cycle.
At this point, the analyst said, “I have been following this chart for a while. I marked this level as 8.20-8.65% as a potential support for altcoins. Altcoins are bottoming out a year before the halving cycle. We are experiencing this at the moment. “A good bounce and a potential one-week bullish divergence is starting to emerge.”
Analysts analyze reason behind falling BTC volatility
Meanwhile, Bitcoin’s low volatility has once again become a topic of interest for crypto analysts. Current analysis comes from Lucas Outumuro, head of research at blockchain analytics firm IntoTheBlock. According to Outumuro, Bitcoin’s 60-day annual volatility has dropped below 40%, the eighth such event in the past 5 years.
Bitcoin’s volatility has dropped to historically important levels
60D annualized vol is under 40% for the 8th time in last 5 yrs
On average $BTC vol remains below this level for 5 weeks and results in a 46% price gain
These conditions also preceded 3 crashes of 50% pic.twitter.com/G4YIZLvcsQ
— Lucas (@LucasOutumuro) May 16, 2023
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