Michaël van de Poppe anticipates that Crypto bullish momentum will soon increase with Ethereum ETH leading the way
Bitcoin’s price has solidified a strong support level above the 50-day moving average (MA) amidst the current correction in the cryptocurrency market. The leading cryptocurrency is slowly shaping a potential midterm reversal pattern, characterized by a possible weekly double top pattern and a bearish divergence on the Relative Strength Index (RSI).
Experts in the crypto space suggest that Bitcoin’s price may decline towards the $60k support level if buyers fail to defend the current range. This caution is warranted due to the mixed reactions seen in the market, with miners taking profits and US spot BTC ETFs experiencing net cash outflows. Despite more than two months passing since the fourth halving event, institutional demand for Bitcoin remains strong, evident from the low balances on exchanges.
While recent Federal Reserve monetary policies indicate lower liquidity levels in the midterm, there has been an increase in demand for risk-averse assets. FxPro’s senior market analyst, Alex Kuptsikevich, points to a shift towards dollar strength and equities demand, leading to a decrease in risk asset demand and a pattern of decreasing intraday highs for Bitcoin.
Rachel Lin, CEO of SynFutures, notes that both Bitcoin and Ethereum are showing bearish signals, potentially causing a further downturn in the overall crypto market. However, there is a silver lining as Bitcoin maintains a crucial support level, and with Treasury Yields and the DXY dropping significantly, there is anticipation for crypto to regain momentum.
Popular crypto analyst Michaël van de Poppe predicts a bullish momentum for crypto as the dollar weakens against global fiat currencies. He suggests that Bitcoin will find strong support above $60k if it falls below $66k. Additionally, Poppe believes that Ethereum will outperform Bitcoin in the upcoming bullish wave, with the ETH/BTC pair signaling an imminent reversal that could spark the awaited altseason.
In conclusion, while meme coins have overshadowed “good altcoins” and delayed the altcoin season, the overall outlook for Bitcoin and Ethereum remains optimistic.