The crypto markets that have slumped hard appear to be gearing up significantly for the upswing which could be approaching very fast. The global market capitalization which had declined below $800 billion has again reclaimed the position displaying the resurgence of the bullish. However, the star crypto Bitcoin continues to remain consolidated below $17,000, struggling very hard to surpass these levels.
A popular analyst, Micheal van de Poppe, forecasts a tricky week coming up for the BTC price and also cautions his 644K followers to not overleverage on the assets as it is heading towards the first weekend of the year.
As per the analyst, the BTC price may certainly witness a minor pullback but still sustain beyond $16,870 levels. After a brief consolidation, the price is believed to ignite a notable upswing back to levels above $16,990. However, it still remains skeptical whether the price may rise beyond $17,000 or not. However, the analyst believes, that the relief rally is very close and hence this may uplift the BTC price very soon.
“The unemployment showed a positive number today, as it came out lower than expected.
PMI however, went sub-50 for the first time since 2008 & COVID-19 outbreak.
Unemployment will rally in the coming months, Yields will fall of a cliff if CPI is low.
A relief rally is close,”
Moving on to Litecoin, the analyst believes, that, “Probably later today time for longs,”
The analyst believes that the price that is facing a significant bearish action, may drop down the immediate support levels and reach $71. This could be when it may rebound and begin with a notable upswing soon.
Conversely, the analyst is pretty bearish on Ethereum, as he set up the lower target around the crucial support at $1220. However, the ETH price still continues to remain within the bullish ranges, but a steep rebound may still not be on the cards.