A much-followed crypto trader says that Bitcoin (BTC) is hovering just below a line that indicates where the “party begins.”
Crypto analyst Michael van de Poppe tells are 663,100 X followers that the king crypto needs to break over the $29,800 mark to take off.
“Low end of range still holds for Bitcoin.”
BTC is worth $29,351 at the time of writing. The top cryptocurrency by market capitalization is up 1% over the past week.
Looking at XRP, Van de Poppe say he is waiting to dive into the fifth largest crypto by market cap.
“Waiting for the entry point on XRP.
I think it will do well and should be in your bag for the foreseeable future.
XRP is worth $0.63 at the time of writing,
As for general crypto markets, the crypto analyst is double on a bullish forecast he made earlier this month.
“Make sure you read it because the bull is coming.”
On August 3, Van de Poppe shared a lengthy essay titled “Investors Perspective in Crypto Markets Follows History.”
“I have seen many people suggest that we will see Bitcoin drop to $12,000 and altcoins capitulate again. I don’t think we will have that and in this post I’ll explain why…
All in all, we are in the second phase of capitulation and that is time. This is the dull phase of the cycle, where you may feel like nothing is happening in the markets at all and you should go to other markets instead of crypto.
According to his shared “Psychology of a Market Cycle” chart, anger, depression, and disbelief are next for the crypto markets before they embark on their next bull run.
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Featured image: Shutterstock/Tithi Luadthong/Sensvector
