Cryptocurrency analyst Michaël van de Poppe, in his assessment of the Bitcoin market, said that the current outlook is strong and he believes the bear market is over.
According to the analyst, a historical review of the Bitcoin chart shows that markets only bottomed below the 200-week moving average during the FTX and Luna crises of 2022. In other cycles, after the bear market ended, the price rose to the 50-week moving average and entered a consolidation phase there.
Van de Poppe says that according to his thesis, the bear market ended with the lows formed in February, but he believes that the current recovery continues. The analyst said there is still room for further gains up to around $93,000, where the 50-week moving average lies. However, it was unclear whether this move would happen immediately, suggesting the rally could slow down until June or later, adding that his assessments are based entirely on technical chart patterns.
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Adding that he does not expect new lows for Bitcoin, the analyst said the “bear flag” pattern, or continuation of the downtrend, which is becoming widespread in the market, has become overcrowded and there are no strong fundamental reasons to support new lows.
Van de Poppe, also commenting on the altcoin market, said that the sector is still in its early stages. According to the analyst, new narratives and trends must emerge during this process. Therefore, he noted that some altcoins may show strong performance periodically, but these projects could quickly lose momentum.
*This does not constitute investment advice.