The widely followed cryptocurrency analyst and trader Michaël van de Poppe looks at Bitcoin’s overview to analyze the state of the bull market.
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In a new video, the trader told 69,700 YouTube subscribers that BTC is at a stage where many market participants doubt the bull market will continue.
According to the psychology of the market cycle unbelief phase is the earliest phase of the bull market where market participants believe the rally will end abruptly.
Van de Poppe’s current view that BTC is in the early stages of a bull market is in line with the forecast that Bitcoin will reach $ 300,000 by the end of the current cycle.
The trader looks at the weekly time frame to support the long-term uptrend on BTC and show that the current correction is natural and healthy for the sustainability of the bull market:
As for Bitcoin’s short-term outlook, Van de Poppe maps out two possibilities that will allow Bitcoin to establish a local bottom: