Michael Van de Poppe is an analyst and a full-time swing trader in cryptocurrencies. He is popular amongst crypto enthusiasts across the globe.
According to him, the crypto market and bitcoin had a shakeout this week, and the exchange reserves are hitting a record bear cycle low. This is a solid indication of strength and portrays investors taking their bitcoins from the exchanges. As a result, there is a reduction in the overall supply that can be sold in the market.
The famous analyst with 618,600 followers on Twitter stated that the crypto assets’ total market capitalization bounced merely above the key bottom indicator.
“The most important chart isn’t Bitcoin. It’s the total market capitalization for crypto. It never closed beneath the 200-week moving average in the recent crash and curling back up. This would mean that we’ve seen the low. The most likely scenario is a continuation towards $1.25 trillion.”
Source: Trading View
While writing, the summed-up market cap of the entire crypto assets lies below $1 trillion, at $979.512 billion. If we look at the moving average of the total chart over a period of 200 weeks, it hovers around $860 billion.
He says that the total market capitalization portrays that crucial support is holding up here. In an article at Cointelegraph, he stated,
“As long as the total market capitalization sustains above $2 trillion, more upside to a new all-time high is likely.”
As the crypto analyst predicts that there would be a sustained bounce across the cryptocurrency market, he is bullish on the CRV, the governance token of decentralized exchanged Curve Finance, which focuses on stablecoin.
Why Is CRV Primed for a Pullback?
During his new strategy session, Michael Van de Poppe said that CRV appears to be prepared for a pullback before it takes out its resistance at around $1.45.
“Based on the four-hour chart, the trend is up so we could be getting a breakout… But given that we’re testing this range high ($1.45), it makes a lot of sense to not have a clear breakout yet … In that case, I’ll be looking at longs at $1.17… I would assume that after that, I’m going to get a trigger towards $1.98.”
At the time of writing, the Curve DAO Token price is recorded at $1.41 with a 24-hour trading volume of $216,217,146.
Fantom (FTM), the competitor of Ethereum (ETH), is another altcoin on the trader’s radar. Van de Poppe mentions that it is likely that FTM will also witness reiteration. This is before it would be capable of breaching its immediate resistance at $0.36.
“We could be getting a test at around $0.31. [It] would not be strange to have it after this test ($0.33). But overall the trend is up and we got a very strong bounce from the left for $0.29. That is most likely going to induce a breakout.”
According to Van de Poppe, as a result of the breakout, FTM can reach as high as $0.46.
On the other hand, Crypto analyst Justin Bennett believes that Bitcoin Price is expected to Plunge as low as four figures.