According to crypto analyst Michael van de Poppe, the Bitcoin (BTC) correction is likely not finished yet, and the main crypto asset could tumble even more before showing signs of recovery.
In his most recent YouTube session, Van de Poppe claims that once Bitcoin (BTC) regains its bullish momentum, it might rise by 25% to 50%. Although, he expects Bitcoin to continue to fall in the near future.
Michael Van de Poppe said that the previous high, previous low, key figure, and important level to watch are all around $57,000, according to the Fibonacci extension tool. So, this entire range ($57,000-$59,999) is actually the area that I want to see sustained to keep the momentum flowing.
He further said that based on the daily time period, we could still run all the way to $75,000, get a tiny bearish divergence, and then make a slight reversal.
Michael Van de Poppe wants to see the Ethereum/Bitcoin (ETH/BTC) pair go over 0.066 BTC ($4,012) before taking any positions.
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He went on to say that he will be interested in longs if we have a reclaim over this level [0.066 BTC]. He is hoping for a higher low to take the entry if we drop all the way back down and get a test around 0.061 BTC ($3,709).
So right now, he is not too interested in altcoins as the odds are there, but Bitcoin is currently occupying the identical location.
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