Van de Poppe Updates Outlook On Bitcoin (BTC), Ethereum (ETH) & Cardano (ADA)
Michaël van de Poppe, a prominent cryptocurrency analyst and pro-trader updates his analysis on what levels three crypto assets: Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) should hold, as the wider crypto market shows recovery from the correction this week.
Bitcoin (BTC)
Van de Poppe shares with his 128K YouTube subscribers that the correction is providing traders who want to get into the markets a “very nice entry zone.”
“If you go back in history, September is usually a pretty bad month, but October and the rest of the year is usually quite bullish.”
According to the analyst Bitcoin must hold a critical level at this stage between $37,500 and $40,000. If BTC loses that level, it could retest $28,000, he warns.
Regardless, Van de Poppe sees continuation for the BTC bull cycle, and says that the king of crypto will continue moving upwards if it bounces back above $44,000.
At the time of writing, Bitcoin is trading at $43,694, with 3.43% profit on daily chart.
Ethereum (ETH)
Regarding Ethereum, the analyst says that the critical level to keep an eye on is around $2,600. This level should hold, for ETH’s bull cycle to continue.
Van de Poppe in short term predicts ETH to go through a “relief bounce” anywhere up to $3,500, then back down to a higher low, and then continue bull run.
At the time of writing, Ethereum trades at $3,113, with 8.2% profits on daily chart.
Cardano (ADA)
Van de Poppe ealier in the week also looked into Cardano (ADA). ADA will need to break through $2.35 to look bullish again, he says adding that Cardano is “getting into a massive buy opportunity.”
Should ADA lose the $1.90 level, the analyst predicts it could then drop all the way to $1.50.
Van de Poppe does also note that he plans to get out of crypto completely after one more run of the bull cycle.
“Am I scared right now? No, but I’m very, very serious about the fact that we might be getting one final run of this bull cycle before the financial crisis starts. Then I don’t want to have crypto at all.
Maybe stablecoins, but overall not. So that’s when you want to take profits heavily, and that’s why you have to be cautious on your entries.”
At the time of writing, Cardano trades at $2.27, with 10% profits on daily chart.
