Cryptocurrency analyst Micheal van de poppe, has recently expressed his concerns over the revisions happening in the bitcoin market. Anyhow he also mentioned that rival altcoins might have some good news to celebrate.
The weekly chart for bitcoins shows some consolidation in the period of march while reviewing it’s historical data. Chronological data often provides insight to how the market cycle may actually work in the future.
The 21 week moving average is the critical arrow which can hold the prices from further declining. This week’s market doesn’t go up in a straight line leading to a correction in the BTC market.
BTC/USD has been in a declining state after studying their weekly timeframe. This might be the worst weekly drop recorded in a year.
Predicting bitcoin returns with 21 WMA serves as a technical indicator. If the price tends to maintain its pace above the green wave, the traders are likely to up their bids in BTC/USD. Evidently, a breakdown below that picks and throws the pair into the bearish market.
He added that
“The market structure is still fine. Even if Bitcoin drops to $35k, the market structure is still fine as we are still making higher lows [and] higher highs. So it’s very natural to have a corrective move”.
Despite all the vulnerability around bitcoin he still explains how one should not panic.
Nevertheless, Bitcoin may get that much needed stability with the 21 WMA and might start rising back sooner or later.
According to recent developments firms like PayPal, Apple and MasterCard are trying to add crypto enabled features causing an upside bias. The faith in bitcoin stands unshakeable with Michael Saylor microstrategy, Squares investment in crypto and also Deutsche Bank’s exploration for crypto custody.
In this process the altcoin market is said to also have a downfall but it would yet provide ample opportunities for the people intending to buy their tokens for cheap.
Van De poppe says that,
“what’s next for March I think we can have some sideways, boring period. Maybe some altcoins going left and right as some have been doing well… Kusama (KSM), Serum (SRM), Solana (SOL), have been doing well. But the real altcoin summer should be happening at the end stage of March and then crawling up towards the summer where everything is going to run.”