A widely followed crypto analyst says that traders who have survived the bear market are finally coming out on the other side.
Crypto analyst Michaël van de Poppe sends his 669,200 followers on the social media platform X a congratulations, expressing his belief that the bear market is over.
“Congratulations, you’ve survived the Crypto bear market.”
According to Van de Poppe, the crypto markets are displaying signs of the beginning of a bull market cycle.
“You might feel you’ll need to jump into positions as markets are breaking out left and right.
You might feel like it’s a fake rally.
Those are all signals of a start of a bull cycle.
Corrections will happen, entries will come, it’s time to be patient and wait for those.”
Regarding Bitcoin (BTC), Van de Poppe warns to look out for swift corrections amid BTC’s overall upward trend.
“Still interesting to keep an eye on Bitcoin.
Fighting $34,700 as resistance, through which a breakout there should lead to $37,000-38,000.
On the other hand, areas between $32,600-$33,100, if we get there, areas of longing.
Corrections are usually quite swift in upward trends.”
According to the analyst, BTC could break to $37,000. However, Van de Poppe thinks a period of consolidation for BTC would be good for the altcoin markets.
“Bitcoin challenging itself around the range-highs.
Breakout above and we’ll see $37,000, but for altcoins you’d rather have a period of sideways consolidation.”
BTC is worth $34,196 at time of writing, up 23% in the last week.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/3d_illustrator/Vadim Sadovski
