Experienced cryptocurrency analyst Michaël van de Poppe discussed the process and critical obstacles facing Bitcoin in his statement.
The analyst said that Bitcoin could avoid a significant crash and maintain its upward momentum if it holds at $25,800 levels.
Van de Poppe compared the current market cycle to previous cycles in 2015 and 2019, which were the pre-halving years. He stated that August and September were historically bad months for Bitcoin in these cycles, followed by a recovery in the following months.
He said that in August 2015, Bitcoin experienced a significant correction towards the 200-day exponential moving average (EMA), but never closed below it. Similarly, in August 2019, Bitcoin experienced a major decline, which was followed by a smaller decline in November 2019.
The analyst suggested that the current market could be similar to that of 2015, given the new participants joining this cycle, such as institutional investors.
He suggested that this could mean that this is the last correction before a new bull run. “If we get through September, we will be in good shape,” he concluded.
*This is not investment advice.