The Q4 generally tends to be pretty bullish after the prices experience a notable slash throughout the month of September. Woefully, the assets did surge to some extent, yet fell into a bearish trap yet again. No doubt the assets tend to recover but the bears also appeared to be quite strong who kept the price along with the lower levels.
Despite the slashed prices and constant drain, still, the market is not termed as Bearish as the bulls just remain relaxed, but not passive. The bear market theory stands invalid as the ETH price remains above $4000 during extreme sell-off. According to an analyst, in a bear market, Bitcoin dumps 20% in a day and Ethereum 40% without initiating a rebound.
Moreover, the analyst says that the bulls who might have gone away from action nowadays may be preparing for Q1 2022. The Bitcoin price is now trending above $50K and on its way to hitting $53,000 resistance levels. Also on the verge to close the CME gap at $53,500. Further, the dominant crypto is expected to chop around these levels in order to allow ETH & other altcoins to grow.
On the other hand, a popular analyst, Micheal de van Poppe believes the current phase is the most suitable phase to buy altcoins. He further says that the Bitcoin price could bottom soon, leaving the people in confusion as the bulls remain out of action. Therefore, he says that these are the ‘perfect ingredients for a new bull cycle’ which could be outspread with the beginning of the new year 2022.