By The Daily Hodl - 7 months ago - Reading Time: 3 minutes
Crypto Analyst Congratulates Traders on Surviving the ‘Longest’ Bitcoin Bear Market, Explores BTC’s Next Steps
A widely followed crypto trader is extending his congratulations to other traders for surviving the longest bear market cycle ever, so far.
Crypto analyst Michaël van de Poppe tells his 665,800 followers on the social media platform X that he expects a big payoff for “hodling”, or “holding on for dear life”, sometime in the next 1-2 years.
“If you’re still in the crypto markets, congratulations.
You’ve survived two years of an extended bear market, the longest in the history of Bitcoin and you’re still investing.
They’ll call you lucky in 1-2 years’ time, but they don’t know the effort you’ve put into it.”
According to Van de Poppe, this is the longest bear market in Bitcoin’s (BTC) relatively short history.
In a lengthy post, Van de Poppe explores the question – With BTC breaking over $27,000, is the crypto correction finally through?
“It might.
We’ve broken out of the tiny range and we need to stay above to avoid another liquidation cascade.
If we do, we’re confirming that the correction is over and that we’re going to target new highs.
Bitcoin’s price broke above the crucial resistance at $26,800 and couldn’t provide continuation, until the big breakout yesterday.
The breakout which happened through positive news on Grayscale, Binance, X and DCG (Digital Currency Group).”
Van de Poppe says that several external macro factors are contributing to a positive trading climate for crypto.
“A summary:
– Job openings came in with a massive miss on the downside.
– Consumer confidence on the lowest level in a while, comparable to numbers during a recession.
As a response:
– Dollar drops down.
– Yields drop slightly, might be topping (but no confirmation yet!).
– Gold & Silver surging.”
From a technical analysis (TA) perspective, the analyst could see BTC possibly heading in a few different directions.
“Right now, Bitcoin jumped from $26,000 to $28,000 and didn’t hit my entry points. Perhaps the entry points where it hit already, who knows.
For now, you’d prefer to see Bitcoin stabilize and hold above a few important levels. I’d identify the level at $26,800 as crucial in which I don’t want to see a clear breakdown beneath that level as then we’d be back in the range and get a liquidation cascade.
In that scenario, my bids at $24,800-25,200 still make sense, but then you’d argue that we’re in a weak case and could lose the 200-Week EMA (exponential moving average) and go down even more.
If we sustain here, we copy/paste the 2015 momentum in the markets and are on the edge of a massive move upwards.”
Source: Michaël van de Poppe/XBTC is worth $27,165 at time of writing, up over 3% in the last week.
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Original source: The Daily Hodl