The value of the wider crypto market cap has depreciated from $2.8 trillion to $2.18 trillion within a span of a month. Established cryptocurrencies including Bitcoin, Ethereum, Solana, and Cardano are now down by more than 30 to 40% from their ATH. Besides, the crypto fraternity presumes a little more requisite correction for the next couple of weeks.
A crypto analyst Micheal Van De Poppe appears to be pretty much confident of the bull market commencement by early 2022. In his recent video, he expressed his views on a present corrective notion.
Unlike short bear markets in September or November, he expects a little longer consolidation this time for the next three or four weeks. Further he shed lights on probablitiy of next Bitcoin and Ethereum bull cycle.
Bitcoin (BTC) :
The flagship asset hasn’t seen any big moves since November, it has been genereating consecutive lower highs since then. Howbeit, An analyst Micheal Van De Poppe appears to be pretty much confident of bear cycle to prevail for the next three to four weeks. At present Bitcoin price back to August price range of around $48,000.
Post claiming ATH in October, it has strenghtened zone between $56k to $58k, from there it has seen gradual dip. Further, the analyst expects correction up to $45k. In order to confirm massive rally in Q1 of 2022, the analyst mentioned crucial support levels to hold between $49k to $51k.
Ethereum (ETH) :
The analyst Micheal Van De Poppe emphasized on how Ethereum price has continued to hammer the bottom support post parabolic move in October. Post claiming ATH of $4891, the asset has generated a consecutive lower highs.
The protocol might continue to drop beneath its crucial support, in order to test whether buyers are still interested in the asset. Howbiet, interms of bearish dominace in the next couple of weeks, he expects ETH price to correct $3.6k levels before commencing bull run of early 2022.
Collectively, in order to confirm the much anticipated bull cycle by early 2022, the crypto space needs to hold current actual bottoms of the market. However, proponents and analysts across the space urge community to look out for potential entry points before this bear cycle comes to an end.