- Michael van de Poppe shared his predictions for the cryptocurrency market in a current interview.
- A dealer thinks the meme coin hype is over.
- Van de Poppe additionally predicted that the cryptocurrency market cap may realistically attain $15 trillion.
Famend dealer and analyst Michael van de Poppe shared in a current interview that surviving a bear market requires sustaining a long-term perspective. This comes as cryptocurrency market chief Bitcoin (BTC) continues to fluctuate between $25,000 and $27,000.
The analyst additionally famous that the current crackdown on Binance by the US Securities and Change Fee (SEC) had added to what he believed to be a “uninteresting” market sentiment. In keeping with van de Poppe, the short-term response to the Binance information was just like that seen shortly after the FTX collapse, which induced panic promoting by retailers.
This unfavorable continued response within the markets is anticipated, based on the analyst, given the dedication of the US authorities to control the markets and create a brand new regulatory framework. Van de Poppe predicts that many initiatives will shortly exit the market as a result of they don’t match into the US KYC/AML system.
The analyst went on to argue that Ethereum (ETH) and BTC are commodities, not securities. The assertion comes after SEC Chairman Gary Gensler referred to as each cryptocurrency besides BTC a safety. Van de Poppe believes that “Bitcoiners want Ethereum, and Ethereum wants Bitcoin, and the 2 ought to unite, not struggle.”
In keeping with CoinMarketCap, each cryptocurrency market leaders had been in a position to print inside 24 hours. At press time, BTC was buying and selling at $26,280.89 after a 1.58% acquire. In the meantime, ETH was at $1,729.91, up 0.38% through the interval.
From a technical viewpoint, BTC value could have crossed the 9-day and 20-day EMA traces within the final 24 hours. If in the present day’s candle closes above the 2 technical indicators, it may rise to $28,500 within the coming week. Conversely, within the subsequent few days, BTC can be under the 2 EMAs, with key help at $25,245.
Buyers and merchants could need to watch the 9-day EMA line, which was on the verge of breaking above the 20-day EMA. If this occurs, it can set off a major bull flag and point out that the worth of the cryptocurrency has entered a short-term bull cycle.
As for meme cash, the analyst talked about that the current meme coin frenzy, which noticed Pepe (PEPE) and Milady Coin (LADYS) acquire greater than 1000%, was only a short-term hype surrounding this cryptocurrency class. He additionally mentioned Dogecoin (DOGE) and shared that its value is returning to a significant help space.
PEPE is down 0.54%, whereas BTC and ETH have weakened by 2.09% and 0.90% within the final 24 hours. Moreover, LADYS additionally skilled losses within the final 24 hours, falling 2.26% in opposition to the greenback. DOGE was one of many few meme cash to achieve in 24 hours, gaining 0.19% and at press time at $0.06211.
Van de Poppe says that with the present valuation of the cryptocurrency market at $1 trillion, adjusted for inflation, the full may attain $10-15 trillion. Therefore, this means that the worth of BTC can vary from $50,000 to $450,000.
With regards to social tokens, Van de Poppe warns retail buyers to be cautious. He identified that folks usually focus an excessive amount of on social tokens, which may create unrealistic expectations of turning into on the spot millionaires.
For funding functions, van de Poppe recommends shopping for now. As a retail dealer, he suggested in opposition to relying an excessive amount of on indicators. Though some merchants use strategies equivalent to Elliott waves, RSI and MACD, he believes that value motion is the primary basis. An excellent place to begin is to grasp value motion on an extended timeframe and incorporating shifting averages.
Disclaimer: The views and opinions, in addition to all info shared on this value evaluation, are revealed in good religion. Readers ought to do their very own analysis and do their due diligence. Any actions taken by the reader are strictly at their very own danger. Coin Version and its associates won’t be held answerable for any direct or oblique injury or loss.
