The search for direction continues after the big drop in the crypto money markets last week.
While leading analysts share their opinions on this issue, some say that there will be an uptrend now, and some say that there may be a decline before the rise.
At this point, one of the popular analysts, Michael van de Poppe, also expects a rise, but expects some decline beforehand.
Comparing the current situation of Bitcoin with previous cycles, Poppe said that he saw the drop as a final correction before the bull.
“Cycles repeat themselves, especially when it comes to a component called halving.
We are now close to the halving and there are 250 days left to the halving. At this point I think the current period can be classified as a final correction before the bull continues.”
The analyst, who first looked at the 2015/2016 period, stated that there was a long accumulation process in that period and that prices remained flat for a year after the bear market.
Secondly, looking at the 2018/2019 period, Poppe said that exactly 252 days before the 2020 halving, there was a Covid collapse.
Pointing out that there was a last drop between $ 6,000-8,000 in this collapse, Poppe stated that the rise started after that.
Finally, looking at the 2022/2023 period, Poppe stated that BTC and altcoins experienced a heavy correction after the rise.
At this point, according to Poppe, the uptrend looks likely, but we may see $24,000 in Bitcoin first.
“I would like to compare the current cycle with 2015/2016 as we have a large group of new entrants entering the markets.
In this cycle, the price has more than doubled before the halving. If the same thing happens in the current cycle, that means Bitcoin will be $50,000-$55,000.
Whatever it is, there's a bull on the horizon.
We only have 4-6 weeks of survival time and then we'll only go up.”
Finally, referring to altcoins, the analyst said that there are signs of recovery in altcoins.
Where are we in the #Bitcoin cycle?
Cycles are super comparable to each other. Whether you like it or not.
Cycles repeat themselves, especially when there's an ingredient called the halving involved.
We're currently approx. 250 days away from the 'Halving' and the current… pic.twitter.com/1HA9B09toU
— Michaël van de Poppe (@CryptoMichNL) August 23, 2023
*Not investment advice.
