Can the bull market be saved?
As Bitcoin ($BTC) and Ethereum ($ETH) fell by more than 20% in a single day, the market fell into panic, and the voices of both poles reappeared - some people believed that the bull market was not over yet, and that it was just a healthy correction at present, while some experts believed that This bull market is about to come to an end, and $74,000 has already reached its peak.
If the bull market is not over yet, when and how will the market recover? Michaël van de Poppe, a well-known cryptocurrency analyst and trader, recently published a series of analyzes on the social media platform X, pointing out the "4 key catalysts" for the return of the bull market.
No. 1 Catalyst: Bitcoin and Ethereum Spot ETFs
Michaël van de Poppe believes that the approval of spot ETFs is seen as a key factor in further attracting traditional investors into the crypto market, which will not only help increase market liquidity but also increase the entry of funds.
He pointed out that if a large amount of money flows into Bitcoin ($BTC) and Ethereum ($ETH) spot ETFs in the next few weeks, it may trigger a strong rebound in the market. He also specifically named Ethereum: "If the Ethereum spot ETF The inflows have started to become positive, which will be an ideal catalyst for the return of the bull market.”
The second major catalyst: macroeconomic changes
Michaël van de Poppe pointed out that in the context of global economic instability, the trends of gold and the U.S. dollar are often seen as mirror images of risky assets such as stocks and cryptocurrencies: "The deterioration of macroeconomic conditions may cause the price of gold to rise, while the U.S. dollar It will weaken."
Under such circumstances, risk assets such as Bitcoin may benefit from this. Michaël van de Poppe said that if the market continues to be turbulent, causing gold prices to break through new highs, and the U.S. dollar and U.S. Treasury yields to fall, it is expected to become a catalyst for a market rebound.
The third major catalyst: regaining key support levels
In addition to the macro environment, technical analysis has always been an important tool for judging market trends. Michaël van de Poppe pointed out that if Bitcoin ($BTC) and Ethereum ($ETH) can regain key support levels, they can trigger the market rebound.
He specifically named Ethereum ($ETH). Michaël van de Poppe believes that this bull market will be led by Ethereum. If the $ETH/$BTC exchange rate can remain above 0.044-0.045 $BTC, it is expected to reverse and rebound.
As of writing, $ETH/$BTC is trading at 0.0449 BTC, which is still below the support level judged by Michaël van de Poppe, indicating that market demand for Ethereum remains strong.
Fourth Catalyst: SEC vs. Ripple Litigation
Finally, Michaël van de Poppe mentioned the long-running SEC and Ripple lawsuit. This legal dispute has been the focus of market attention since it began at the end of 2020.
Looking back at the lawsuit, the SEC accused Ripple of selling $XRP as an unregistered security, but the judge initially ruled that Ripple’s automatic sale of $XRP through the open market did not constitute a securities issuance. The outcome of this lawsuit is not only related to Ripple’s future. , may also have a profound impact on the entire crypto market.
Ripple Labs CEO Brad Garlinghouse said in a recent interview that the lawsuit is expected to come to an end soon, but it is impossible to determine when the judge will make a ruling. If Ripple ultimately obtains a favorable outcome, it may become another catalyst for the market to recover.
Although the crypto market has experienced considerable volatility recently, Michaël van de Poppe remains optimistic about the market outlook. He emphasized that the market will find a bottom at the high time frame support level, which means that it is expected to gradually recover: “I think this wave The capitulation is a heavy blow, but given the technical analysis, we may be close to HTF support and the worst of the panic may be behind us.”
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
