Popular Analyst Predicts Sharp Rallies for Bitcoin and Crypto Markets, Says Latest Pullback Flashing 2018 Bear Market Bottom Vibes

A popular crypto strategist says the recent selloff in crypto markets is reminiscent of the bear market trough of 2018.

Michael van de Poppe has told his 623,200 Twitter followers that he is keeping an eye on the TOTAL chart, which tracks the overall market capitalization of all crypto assets.

Crypto analysts say they are waiting for TOTAL to retest the 200-week moving average (MA), just as it did during the crypto winter trough of 2018.

“Where are we at this point? We see similar price action to Q4 2018.

Bouncing off the 200-Week Moving Average of Total Market Cap Cryptos.

Rejected and retested, higher low allowed -> then accelerated upwards.

A very comparable price action.

As of this writing, TOTAL is trading above the 200-week moving average at $1.2 trillion.

Look at Bitcoin, Crypto Strategists Say Bitcoin is still in a flat accumulation stage, but traders warn that the king’s cryptocurrency could fall to around $19,000. After a brief correction, van de Poppe sees BTC rising in line with Bitcoin market cap forecasts.

I think the Bitcoin scenario is pretty likely.

in this case:

A bullish divergence is created on a weekly timeframe.

Clear Liquidity Lows (or Retest)

The 200-week moving average market capitalization remains unchanged.

Overall accumulation period for investors.

At the time of writing, BTC is worth $21,390, flat on the day.

Regarding Ethereum, Van de Poppe says ethereum the bull should be near look at a significant level of support.

If the decline continues, it is important to keep an eye on the $19,300 area for Bitcoin and perhaps $1,400 for Ethereum. Buyers should step into these zones on a regular basis.

At the time of writing, ETH is trading at $1,630, up 1.30% over the last 24 hours.

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