It has been just revealed that crypto is entering the final stages of the bear market. Check out the latest predicitons about the digital asset space below.
Crypto to enter final stages of the bear market
According to a prominent crypto trader, the digital asset market is approaching the end of a bearish trend and Bitcoin is breaking through its resistance.
Michaël van de Poppe, a well-known crypto analyst, has stated on X social media platform that the crypto market might already be in the reversal phase.
He suggests that November could see an uptrend, with a retracing to the $26,800 area, or a reversal at the end of December that could lead to a pre-halving and ETF (exchange-traded fund) rally.
He concludes by saying that he is confident that good times lie ahead for Bitcoin.
As per the analyst, BTC is currently in a position that favors long trades.
The analyst has started buying some BTC, but is waiting to see where the market is heading after the Consumer Price Index (CPI) report tomorrow.
The dollar and yields are going down, while Nasdaq and gold prices are going up. However, BTC is lagging behind.
On the other hand, the trader believes that BTC is not displaying enough strength. The momentum that was pushing it upwards has ended, and it has been rejected at $27,000.
Therefore, the trader predicts that BTC will test some lower levels before it can experience a reversal.
Van de Poppe believes that the Bitcoin dominance (BTC.D) index, which measures the proportion of the total market cap belonging to Bitcoin, is testing the 200-week exponential moving average (EMA) for the second time. In the past, a retest of this level has been a signal of a potential top.
Therefore, Van de Poppe thinks that we are getting close to a potential top, and as a result, BTC needs to settle in 1-2 weeks.
