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Renowned crypto analysts evaluate whether a bear market has started

  • Michaël van de Poppe, a renowned cryptocurrency analyst, believes that we are in a longer cycle than previous ones. 
  • $40,000 to $44,000 is the crucial support zone that Bitcoin price needs to sustain above, to confirm an uptrend. 
  • With heavy correction in Bitcoin price, analysts evaluate whether we are in a supercycle or the bottom is in. 

Bitcoin price wiped October gains in the recent crash over the weekend, leading analysts to question whether the bear market has started. Bitcoin’s two-month-long bearish streak is indicative of a bear market. 

Analysts weigh in on the possibility of Bitcoin supercycle in 2021

The overall cryptocurrency market suffered from increased scrutiny by US regulators over the past two months. This coincides with a significant drop in Bitcoin price. 

Bitcoin price suffered the most significant one-day drop in price as liquidations hit the $1.3 billion mark within an hour over the weekend. The price drop has wiped out the asset’s gains in the two-month-long bull run. 

Analysts have noted a similar trend in Bitcoin price nearly every bull run. 

@TechDev_52, a cryptocurrency analyst, has observed that the bull run in 2011, 2013 and 2017 has ended with a red month followed by 2 or 3 months of the Bitcoin price rally. 

@TechDev_52, therefore, believes that the Bitcoin bear market has not started. Another renowned analyst and YouTuber @CryptoMichNL believes that the current Bitcoin price rally is a supercycle. 

A supercycle is a phenomenon where a market security’s price increases for decades. Lately, financial analysts have applied the term to Bitcoin implying a longer bull cycle than usual.

Michäel van de Poppe (@CryptoMichNL) believes that Bitcoin price is above crucial support, the green zone from $40,000 to $44,000. As long as Bitcoin price trades higher than support, the analyst expects the uptrend to continue. 

The analyst has predicted a bottom structure after a choppy trend up to the $53,000 level before a trend reversal. 

FXStreet analysts have evaluated the Bitcoin price trend and predicted a bounce after crashing to $42,000. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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