The Bitcoin price, after marking recent highs beyond $21,000, has yet again dropped due to the intensifying bearish action
Meanwhile, the crypto markets appear to be preparing for a massive run ahead as the fractals are rising above the bearish captivity
The crypto market cap has risen above $1 trillion amid the recent price action that propelled the levels after a prolonged consolidation. Meanwhile, the Bitcoin price is slashing notably and dropping below $20.500 but sustaining firmly along the pivotal support zone, indicating the revival of the bulls very soon.
In the middle of the bearish clouds continue to prevail, bullish flags continue to flatter over the crypto space. The market capitalization has been forming a double bottom pattern which is largely considered as bullish and hence a remarkable price action is speculated to be fast approaching.
A well-known analyst, Micheal van de Poppe points the market cap has never been below the 200-Week MA while the Bitcoin & Ethereum prices did. While the market capitalization continued to hover around the 200-Week MA and the markets dropped by more than 70%. Now when the levels are trying to reclaim their positions above these levels, then a remarkable upswing may be fast approaching.
However, the crucial resistance lies around $1.193 trillion, clearing which may lead to a significant upswing towards $2 trillion as predicted by the analyst. Therefore, if the market cap begins its bull run, Bitcoin price & Ethereum prices are also expected to explode very soon. Hence a firm upswing beyond their respective resistance appears to be imminent.