- Bitcoin, the world’s leading cryptocurrency, is currently experiencing a significant downturn. However, renowned crypto analyst, Michael van de Poppe, predicts that the cryptocurrency may be nearing the end of its correction phase, with potential upsides to follow a price bottom.
- Poppe suggests that Bitcoin’s anticipated bottom is finally closing in, and despite the current pessimistic outlook, the potential for a price rebound could emerge if BTC hits its bottom.
- During Bitcoin’s period of consolidation, altcoins could see increased activity, potentially taking over the market until BTC breaks all-time high, according to Poppe.
Bitcoin may be nearing the end of its correction phase, with potential upsides to follow, according to renowned crypto analyst, Michael van de Poppe. He also suggests that altcoins could see increased activity during Bitcoin’s consolidation period.
Analyst Suggests Bitcoin Bottom Closing In
In a recent post, Poppe declared that Bitcoin was at the end of its correction phase, suggesting that the cryptocurrency’s anticipated bottom was finally closing in. The crypto analyst disclosed that BTC was down by 20% from its all-time highs in March 2024, predicting further declines possibly driven by market volatility and investor sentiment. As of writing, the price of the cryptocurrency is trading at $57,719, reflecting a weekly decline of 9.53%, according to CoinMarketCap.
Potential Upside if Bitcoin’s Price Correction Persists
Poppe further confirmed that Bitcoin had largely completed its downward trend. He anticipates another 5% to 10% dip, clarifying that it may take some time before the cryptocurrency recovers and gets back to its previous bullish momentum. Sharing a price chart depicting Bitcoin/Tether (USDT) price movements from October 2023 to September 2024, Poppe highlighted special green zones between $56,000 and $58,000 to monitor. He explained that these levels could serve as crucial support zones for a potential upside if Bitcoin’s price correction persists.
Altcoins Set To Take Over As BTC Plummets
In his post, Poppe revealed that during Bitcoin’s period of consolidation, altcoins could see increased activity, potentially taking over the market until BTC breaks all-time high. The crypto analyst highlighted a recurring pattern, suggesting that Bitcoin tends to undergo a price correction before the Federal Open Market Committee (FOMC) meeting, with the price settling into a neutral position once the FOMC session concludes. Poppe has stated that following the FOMC meeting, he expects BTC to consolidate and go sideways while altcoins heavily outperform as rotation kicks in.
Conclusion
While Bitcoin’s current downturn may be concerning for some investors, Poppe’s analysis suggests that this could be a temporary phase before a potential upside. Furthermore, the analyst predicts that altcoins could see increased activity during this period, potentially offering lucrative opportunities for investors. However, as with any investment, it’s crucial to conduct thorough research and consider various factors before making any decisions.
