As you probably noticed by now, the crypto market has been not going so great these days with Bitcoin and other important digital assets dropping in price.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $49,868.82.
What’s the state of Bitcoin bull market?
Now, it’s been revealed that the popular crypto strategist and trader Michaël van de Poppe is looking at the bigger picture to analyze the state of the Bitcoin bull market.
In a new video, he explained that BTC is at the stage where a lot of its market participants are doubting that the bull market will continue.
“We’re currently in a phase where it’s 50/50. There’s a bunch of people expecting a bear market. There’s a bunch of people expecting the bull market to happen. There’s nothing in between,” he said.
He continued and said: “That’s what we call the disbelief phase. So probably, this corrective move for the bears is just the start of the bear market. For the bulls, it’s a corrective period. I think it’s the corrective period.”
As the online publication, the Daily Hodl notes, according to the psychology of a market cycle, “the disbelief phase is the earliest stage of the bull market, where market participants believe that the rally will abruptly end.”
He also said: “As you can see in the previous bull cycles, we’ve had those tests of the 21-week MA (moving average), which is currently coming up as support. [BTC] didn’t really have any test at all until we get here right now… If you look at the weekly level, we are still making a bullish outlook… You can see during the 2016 and 2017 cycle we’ve had a test of all those levels (21-week MA) previously until we get into the parabolic phase.”
We suggest that you check out the original article in order to learn more details about the issue.
The analyst also said that there are two possibilities regarding the near future of Bitcoin.
“Two scenarios that I’m looking at. One is we get a bounce up and then flip this gray zone ($50,000) for support through which this (drop below $50,000) becomes a fake out on the low. Then, we start to reverse combined with the bullish divergence.”
He continued and said: “Secondly…. bounce up, immediate rejection at $53,000 and then another test, after which, we bottom out around $46,000 and start reversing.”