As Bitcoin BTC/USD oscillates between $25,000 and $27,000, a popular cryptocurrency analyst and long-term trader Michaël van de Poppe told Benzinga that the key to surviving the bear market is to maintain a long-term perspective.
The recent attack by the Securities and Exchange Commission (SEC) on Binance has added to the “boring” market sentiment, as per the analyst.
The Major Reason: “The short-term trigger was similar to FTX , and it resulted in a panic among retail traders,” said Van de Poppe.”However, the Coinbase news provided a short-term positive reaction.”
Van de Poppe believes that the ongoing reaction from the markets is expected in light of the U.S.government’s stated commitment to regulating the markets and formulating a new framework.”As a result, many projects may leave the markets because they do not fit within the KYC AML framework of the US.”
While there has been much debate over whether Ethereum ETH/USD is a security, especially after SEC Chair Gary Gensler called everything but Bitcoin a “security.”
Van de Poppe argues that Ethereum and Bitcoin are commodities, not securities.In his view, “Bitcoiners need Ethereum, and Ethereum needs Bitcoin, and the two should unite rather than fight.”
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DOGE Follows XRP: The analyst told Benzinga that the recent meme coin frenzy, which saw Pepe Coin and Milady Coin gaining more than 1000%, was simply a short-term period where one topic takes over and creates a buzz.
Specifically for Dogecoin DOGE/USD , Van de Poppe says the meme coin is now back in the area of support.
“I think the moment that XRP starts to lift off, Dogecoin will follow.”
‘A DeFi Summer’ Awaits: Van De Poppe said he anticipates “a DeFi summer may be approaching and that old coins like XRP and Litecoin LTC/USD may gain momentum as a result.”
As for Cathie Wood ‘s prediction regarding Bitcoin’s $1 million target by 2030.Van de Poppe believes that the crypto market’s current valuation of $1 trillion, compounded with inflation, could result in a market valuation of $10 to $15 trillion.
This means that the valuation of Bitcoin between $50,000 to $400,000 to $450,000 is very much possible.
When it comes to social tokens, Van de Poppe warns retail investors to be cautious.“People are too heavily focused on social tokens, which can lead to them thinking they can become millionaires overnight,” he said.
For investment purposes, Van de Poppe “advises buying right now.
As a retail trader, I would advise not to use too many indicators.I have seen some use Elliott waves, RSI, and MACD; but ultimately, everything is based on price action.
If you understand it on higher time frames and combine it with moving averages, that’s a good start.”
The analyst added, “It’s important to find your own bias or framework and keep it simple.”
Price Action: At the time of writing, BTC was trading at $25,466 , up 2% in the last 24 hours, according to Benzinga Pro.
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