Bitcoin has been moving sideways over the weekend with no clear direction, and crypto investors may be wondering what’s next.
According to a tweet on 9 December by renown crypto analyst Michael van de Poppe, it could be a bearish divergence, which can lead to a number of possible outcomes.
What to expect
Bitcoin reached a new peak of over $103,000 last week but has recently stagnated, ranging between $101,000 and $98,000, with no clear direction.
Although it isn’t clear where Bitcoin is headed for now, one of the possible outcomes according to Poppe is that the asset continues upwards. This will require that it breaks above $102,000 which will serve as a confirmation.
If this plays out according to the analyst, the next price points will be $110,000 to $120,000.
On the other hand, a further correction in Bitcoin’s price will result in a cascading fall in the price of alt coins. Although this sounds scary, Poppe believes this will be the trigger for the long-awaited alt season to start.
This will be as a result of money finally flowing out of Bitcoin and into alt coins, leading to the massive alt coin price gains that characterize the alt seasons. There’s however no timeline for how soon this will happen.
Current trends
As at the time of writing this report, the top 10 crypto assets are in a bearish trend, led by Cardano (ADA) which has crashed by over 8% in the last 24 hours according to data from Coin Market Cap.
Although Bitcoin also looks bearish with a 1.65% loss in the last 24 hours, it is still relatively stable above $98,000, a lower range it has maintained over the weekend. It’ll be interesting to see how things play out as the week proceeds.
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