Crypto Market Gearing Up To Explode! Predicts Analyst
Popular analyst Michael Van De poppe has said that the market is gearing up for a Bull run while Bitcoin is still in its corrective phase. After its worst dip, Bitcoin is trying to climb back.
Ending the first week of March with a 21% surge, Bitcoin likely to enter a massive bull run. The corrective stage is ahead and recovery might happen faster than expected suggests Van De poppe. The cryptocurrency has pulled back from its all-time high above $58,000 on February 21.
Bitcoins price is hovering around $50000 while remaining consistent after rising from the lows earlier. A break past $45,000 may bitcoin will retrace further towards $50,000.
If the resistance is not maintained at $50000 then it will take it down to $49000 and even if this level is lost $46000 might be the next expected target.
The trader believes that if the Resistance at $49000 is maintained, we can breakthrough $52000 while marching towards $56000. momentum is still building for Bitcoin and its Bullrun is still underway.
Ethereum Underperform’s Bitcoin
The second-largest cryptocurrency ethereum was trading around $1,534.25. The asset has to break $1540 level in order to reach the $1760 range.ETH has made significant progress in terms of price and total market cap.
The trader hinted towards the big summer for altcoins. The market should have a corrective period and altcoins are bound to perform well after that. Altcoins are ready to take off after bitcoin hit the record highs.
Van de Poppe predicts that the altcoin market will rise in the coming weeks. He expects the start of a strong altcoin season. The altcoin season has caused a number of speculators to believe that a highly anticipated ‘altcoin season’ is soaring on the horizon.
“Altcoins will still do well in the market itself. In short term, we might get a correction in USD values and after that, we are ready to go to mars.”
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