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.
Where are we now?
I see price action similar to Q4 2018.
▫️ Total market cap rebounded from the 200-week MA.
▫️ Rejection and retest occurred, higher lows were granted -> then accelerated upwards.
✅ Very comparable price action. pic.twitter.com/c35Nx88acx
— Michaël van de Poppe (@CryptoMichNL) August 20, 2022
At the time of reporting, Total’s trading volume was approximately 1.001 trillion
Bitcoin price at $19,000?
Next, Van de Poppe discusses Bitcoin and claims that the flagship currency is still Wandering in a sideways accumulation phase. Analysts, however, warned that the flagship currency could still lose around $19,000.
Van de Poppe then stated that Bitcoin’s bullish divergence is forming on a weekly time frame, and he also expects a brief correction. He added that $19,000 would be a key level for Bitcoin.
#Bitcoin scenario, I think it is very possible.
in this case;
– in A bullish divergence is forming on the weekly time frame.
– Sweep liquidity lows (or retest)
– The 200-week EMA of the total market capitalization remains unchanged.✅ The overall accumulation period for investors. pic.twitter.com/jmhYh64oRg
— Michaël van de Poppe (@CryptoMichNL) August 20, 2022
At the time of reporting, Bitcoin was valued at $21,392, having surged 1.12% over the past 24 hours.
Analysts have concluded their analysis of Ethereum with $1,400 as a key level, a price point traders should keep an eye on.
Currently, Ethereum is trading at $1,603 after gaining 2.23% over the past 24 hours.
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