• 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. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Tezos Price Prediction: XTZ to provide bulls a generous exit before a 15% nosedive

Tezos Price Prediction: XTZ to provide bulls a generous exit before a 15% nosedive

Tezos Price is hovering above a stable support level after facing an intense rejection. While this foothold is likely to provide harbor, it will not be for long. Investors must prepare for a long squeeze as bears make an elaborate move.

More Tezos news

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price is in a no man’s land and depending on how the altcoin reacts to a few barriers, investors can bet on its direction. But a minor retracement in the short-term seems likely given the current market conditions.

More Avalanche news

Why Terra’s LUNA is bound to face a technical punishment

Why Terra’s LUNA is bound to face a technical punishment

Terra (LUNA) price action is facing headwinds from both sides as a technical candlestick pattern is throwing a spanner in the works, together with that long-feared dollar strength that is re-emerging after several warnings from Fed.

More Terra news

Why Solana price action is going nowhere

Why Solana price action is going nowhere

Solana's (SOL) price, from a first glance at the sheet, looks bullish and set forth to continue its rally and winning streak. However, a closer look under the hood reveals that on a weekly chart, price action is going nowhere and could soon collapse once a tail risk gets inflated again.

More Solana news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP