Bitcoin has faced massive volatility in the past few weeks along with Ethereum and other altcoins. The entire crypto market has been rapidly switching between red and green signals.
At the time of reporting, Bitcoin was selling at $21,406 after gaining 2.10% over the past 24 hours.
Meanwhile, a closely watched cryptocurrency analyst and trader compared the current bear market to the one in 2018.
The analyst known as Michael van de Poppe told his 623,200 followers on Twitter that he was watching the TOTAL chart, which tracks the market capitalization of all cryptocurrencies.
The analyst claims he is cautiously waiting for the TOTAL chart to revisit the 200-week moving average (MA), as the same was witnessed during the 2018 crypto winter rally.
He then said that rejections and retests are currently observed, and once a higher low is marked, a bull run will follow.