A widely followed crypto trader says Bitcoin (BTC) is hovering just below a line that marks where the “party starts.”
Crypto analyst Michaël van de Poppe tells his 663,100 X followers that the king crypto needs to break over the $29,800 line to take off.
“Lower side of the range still holding up for Bitcoin.”
BTC is worth $29,351 at time of writing. The top crypto by market cap is up 1% in the last week.
Looking at XRP, Van de Poppe says he’s 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 bags coming period.”
XRP is worth $0.63 at time of writing,
As for the overall crypto markets, the crypto analyst is doubling down on a bullish prediction he made earlier this month.
“Make sure to read it, as the bull will be approaching.”
On August 3rd, Van de Poppe shared a lengthy essay titled “Investors Perspective in Crypto Markets Follows History.”
“I’ve seen many people suggesting that we’ll see Bitcoin drop to $12,000 and altcoins to have another capitulation. I don’t think we’ll have that and in this post I’ll explain why…
All-in all, we’re in the second stage of capitulation, which is time. This is the boring stage of the cycle, where you might feel like nothing is happening in the markets at all and you should move towards other markets rather than crypto.”
According to his shared “Psychology of a Market Cycle” chart, anger, depression, and disbelief are next for the crypto markets before mounting their next bull run.
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Featured Image: Shutterstock/Tithi Luadthong/Sensvector
