Popular Analyst Michaël van de Poppe Evaluates Bitcoin’s (BTC) Outlook • Coinexc

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.

“We are currently at a 50/50 stage. There are a lot of people waiting for a bear market. There is a group of people waiting for the bull market to happen. There is nothing in between. We call this the disbelief stage. This corrective move is the beginning of the bear market for bears. For bulls, it is a period of correction. I think this is the period of correction. “

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.

popular analyst michael van de poppe evaluated bitcoin btc outlook
Source: CryptoBirb / Twitter

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 you can see in previous bullish cycles, we ran the 21-week MA (moving average) tests that are currently coming as support. BTC has not tested here so far… If you look at the weekly level you will see that we still have a bullish outlook. During the 2016 and 2017 cycle, you can see that we are testing all these levels (21-week MA) until we get into the parabolic stage. ”

As for Bitcoin’s short-term outlook, Van de Poppe maps out two possibilities that will allow Bitcoin to establish a local bottom:

“There are two scenarios. First, we have a bounce and then we turn this gray zone ($ 50,000) into support. Then, we start to reverse along with the bullish divergence.

Second… We jump and see an instant rejection at $ 53,000 and then another test, then we dip around $ 46,000 and start to turn around.

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