Widely followed analyst and trader Michaël van de Poppe believes there are four catalysts that could revive the crypto bull market after this week’s broad sell-off.
From de Poppe tells His 721,400 followers on social media platform
“If ETH, especially ETH, starts to turn positive, that would be the ideal trigger to send the markets higher.”
He also believes that worsening macroeconomic conditions could cause gold to rise and the US dollar to weaken, which he said would lead to rallies for risky assets like Bitcoin.
“Continued turmoil in the markets, leading to gold breaking to new highs and the dollar [U.S Treasury] returns decline. That would be a trigger for a recovery of the markets.”
Next, the analyst says another bullish market catalyst could be if crypto assets regain key support levels, including ETH against Bitcoin (ETH/BTC).
“Call back on certain levels, for example holding ETH above 0.044-0.045 BTC and rolling back.”
ETH/BTC is trading at 0.0449 BTC ($2,506) at the time of writing.
Finally, the analyst says that markets may react positively to an announcement of a settlement agreement in the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple.
This was reported by Brad Garlinghouse, CEO of Ripple Labs said,
“We expect a solution very soon, but cannot predict when the judge will rule.”
The SEC sued the San Francisco-based payments company in late 2020 for allegedly selling XRP as an unregistered security. A judge ruled that Ripple’s automated, open market sale of XRP did not constitute an offer of securities, but sided with the SEC’s contention that Ripple’s sale of
The analyst also emphasizes that one of the reasons to be optimistic amid the crypto market correction is that digital assets could bottom out at their high support levels.
“I think this capitulation is tough, but considering TA (technical analysis) close to their HTF (high timeframe) support levels and the heaviest panic we can have.”
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