Bitcoin has faced immense turmoil over the last few weeks along with Ethereum and other altcoins. The entire crypto market has been rapidly switching between red and green signals.
At the time of reporting, bitcoin is selling at $21,406 after a 2.10% increase over the past 24 hours.
Meanwhile, a closely followed crypto analyst and trader compare the current bear market to the 2018 bear market.
The analyst known as Michael van de Poppe informed his 623,200 followers on Twitter that he was viewing the aggregate chart, which tracks the market caps of all cryptocurrencies.
The analyst claims that he is cautiously waiting for the TOTAL chart to revisit the 200-week moving average (MA) because the same was witnessed during the 2018 crypto winter rally.
He then says that, at present, a rejection and retest has been observed and once a higher low is marked, it will be followed by a bull run.
At the time of reporting, TOTAL is trading around 1.001 Trillion
Is bitcoin worth $19k?
Subsequently, Van de Pope discussed bitcoin, claiming that the dominant currency is still fluttering around the sideways accumulation phase. However, the analyst cautioned that a drop to around $19,000 in the major currency is still possible.
Van de Poppe then states that Bitcoin’s bullish divergence is formed on a weekly timeframe and he also foresees a bull run after a brief correction. He added that $19,000 would be the key level for Bitcoin.
At the time of reporting, bitcoin is valued at $21,392 with an increase of 1.12% over the past 24 hours.
The analyst ends his analysis with Ethereum by saying that $1,400 is the key level, and traders should keep an eye on this price point.
Ethereum is currently trading at $1,603 after a 2.23% jump over the past 24 hours.
