The price of the leading cryptocurrency is struggling above the $46k region and could slip towards $43 soon. However, a popular analyst doesn’t think that the bear market is in sight yet.
Bitcoin is not in a bear cycle now
The cryptocurrency market suffered a dip earlier this week, losing over $300 billion in the process. The dip saw Bitcoin’s price drop from above $52k to trade below the $45k region earlier this week.
Ether was also one of the coins affected, dropping from the $3,800 level to trade above $3,300. However, the market has slightly recovered, with BTC now trading above the $46k region. The leading cryptocurrency is still struggling to maintain its price above that level, and some analysts believe that it could drop lower in the coming hours and days.
Popular cryptocurrency analyst Michaël van de Poppe revealed in his latest YouTube session that the cryptocurrency market is not in a bear trend. He is optimistic that the support levels at $45,700 and $44,000 should be enough for Bitcoin to stay above $46k and rally higher.
If the leading cryptocurrency is able to break past the resistance level at $46,700, then it could rally higher. He stated that if BTC surpasses that resistance level, then it stands a chance of moving past the $47,500 pivot and going all the way towards $50,000 in the short term.
Bitcoin’s rally will strengthen altcoins
For a long time, Bitcoin’s performance has affected that of the other altcoins. When Bitcoin is rallying, most altcoins are also performing well. And when Bitcoin enters a bearish trend, the other altcoins are usually underperforming.
Michaël van de Poppe reiterated that point, noting that Bitcoin’s move towards the $50k level could strengthen the altcoins. Most altcoins are struggling at the moment, losing more than 3% of their value over the past few hours.
If Bitcoin continues on the current trend, its price could drop lower towards the $44k region, and this could shed billions of dollars from the cryptocurrency market.
This article was originally posted on FX Empire