Has Bitcoin officially entered bear territory? – Bitcoin magazine

Strategist Michaël van de Poppe is investigating the state of Bitcoin to see if the largest crypto asset by market capitalization enters bear territory.

Hours before the deep pullback in the cryptocurrency, the analyst told his 518,000 Twitter followers that he expected a sharp correction in Bitcoin and left the impression that the bull market was over.

“The script is very simple.

• Everyone expected a peak price rally in December, but it did not materialize.
• Let the market correct.
• People would expect a bear market at the lower end (around $ 47,000 to $ 50,000).
• The moon appeared and left everyone behind.
• Great cycle. “

With Bitcoin trading below $ 50,000, Van de Poppe said BTC was still in a bull market, stressing that the correction is now over.

“Overall, this should be the bottom of the standard 30-40% correction on the market.

However, the fixes for Bitcoin have always been extremely bad over the past few years as there is a lot of leverage in the market.

But everything is fine, it should come to an end now. “

Looking at the chart, Van de Poppe says there is a good chance Bitcoin will start a V-shaped reversal or strong rally, with BTC retesting its all-time high of around $ 69,000 early next year.

“End the day with this chart.

I think there is a chance for Bitcoin to see a V-shaped rebound.

We’ll see how next week develops, but these jumps are sizeable and good. ”

The source: Van de Poppe / Twitter

Bitcoin is changing hands at $ 48,838, down more than 15% over the past week.

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Annie

According to Dailyhodl

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