Trader Says Crypto Entering Final Stages of Bear Market, Examines a Weakening Bitcoin (BTC)
A widely followed crypto trader says digital assets are reaching the end of a bear market while breaking down Bitcoin (BTC).
Crypto analyst Michaël van de Poppe tells his 668,300 followers on the social media platform X that the crypto markets might already be reversing.
“The final stage of the bear market for crypto.
We might be reversing here already in October, going into an uptrend in November (retesting the $26,800 area) or we might be reversing at the end of December for a pre-halving and ETF (exchange-traded fund) rally.
Good times are ahead for Bitcoin.”
According to the analyst, BTC is entering into a position for long trades.
“Bitcoin into that area of potential longs. I’m starting to buy some here, let’s see where we’re heading with CPI (Consumer Price Index) tomorrow.
Dollar and yields turning down, Nasdaq and gold up. Bitcoin is lagging behind.”
According to the trader, BTC still isn’t showing much strength.
“Bitcoin doesn’t show strength.
Upwards momentum ending in rejecting at $27,000, so probably we’ll test some lower levels before we’ll have a reversal.”
Looking at the Bitcoin dominance (BTC.D) index, a measure of how much of the total market cap belongs to Bitcoin, Van de Poppe says BTC.D is testing the 200-week exponential moving average (EMA) again.
“Second time the Bitcoin Dominance provides a retest of the 200-EMA.
Last cycles, this identified a potential top. I think we’re getting close to one, which means BTC needs to settle in 1-2 weeks too.”
BTC is worth $26,697 at time of writing.
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