The cryptocurrency market has seen significant fluctuations lately, with Bitcoin surpassing $91,000 and Ethereum regaining the $3,000 mark. Although the U.S. markets were on holiday, contributing to a relatively calm period for digital assets, there remains an underlying fear among investors. However, certain metrics suggest that cryptocurrencies may have already withstood their harshest selling periods, hinting at a potential for continued growth. Today, Michael Poppe emphasized these notions, suggesting recovery is on the horizon.
Cryptocurrencies at Their Lows
In times when the $80,000 level was being tested, many analysts worried about deeper lows. Yet, numerous indicators showed that prices had reached their bottom around those days. Although the rapid $40,000 drop set the stage for the current recovery, investors remain uncertain about the continuation of the uptrend.
Michael Poppe noted that such extreme sell-offs have occurred only twice before, in the 2018 crash and the 2022 FTX collapse. Both events seemed nightmarish, yet current metrics suggest a misunderstanding of the overly sold environment if prices continue rising.
“Bitcoin is in some of its most oversold positions historically. Still, people wanted to buy at $120,000 and are now considering purchases at $60,000,” he remarked. “Never underestimate the markets. Yet, looking at the overall data, the chance for this market to recover quickly is significantly higher than ever before.” He highlighted the recent low levels, including:
- •2018 lows.
- •2022 FTX and LUNA collapse lows.
Ethereum and HYPE Coin
Ethereum climbed back to $3,000. For now, analyst DaanCrypto targets a range between $3,300 and $3,400. However, he offers a mid-term assessment, warning that should the $2,600 level be lost, the market could revisit sub-$2,000 levels. The graphic below indicates two critical levels, noting that we are in the range where the previous rally began, yet have not entirely escaped the decision point.
Martinez continues to monitor his favored HYPE Coin during this period. His target is a decline to $25, and depending on the market’s reaction at that point, further targets on the chart might be tested.
