Van de Poppe: BTC To Bottom Out At $49K, January “Going To Be Fun” For Altcoins
A top crypto market analyst and trader, Michaël van de Poppe, predicts further correction for bitcoin (BTC), before starting to climb. Altcoins likely to make moves before that.
Van de Poppe shared with his 511K followers on Twitter that he assumes Bitcoin (BTC) to go down to the $49K level in the next month or so.
However, the analyst believes that altcoins will spark rallies early 2022.
“I still assume something like this will be happening on BTC.
It’s close to the end of the correction, but will probably wash out a few more peeps.
Altcoins to drop some more and accelerate from January onwards. Going to be fun.”
I still assume something like this will be happening on $BTC.
It's close to the end of the correction, but will probably wash out a few more peeps.#Altcoins to drop some more and accelerate from January onwards.
At the time of writing, Bitcoin is trading at $56,929.
Van de Poppe also explains that altcoins are “bleeding” (making losses) right now due traders wanting to limit their risk due to market uncertainty and fear of a potential bear market.
“The reason is simple; people are uncertain about the movements of Bitcoin and might even expect a bear market.
In that case -> people sell their alts to minimize risk.
Patience is required, but the next run is going to be fun.”
The analyst also looks into Cardano, and predicts that ADA will print losse against Bitcoin (ADA/BTC) for the rest of 2021. Eventually it should find support at 0.000023 BTC and possibly reverse the downtrend by early 2022.
At the time of writing, Cardano is currently trading at $1.56.
Verasity (VRA)
Looking into the utility token of Verasity (VRA), a decentralized video-sharing blockchain network, Van de Poppe says that VRA has gone through a “natural and healthy” correction.
“Also, when it comes to Verasity and trading in general.
This one hit the 1.618 Fibonacci extensions beautifully.
After that, a natural and healthy correction. The first S/R (support/resistance) flip taking place here, might be done.
To me, completely fine as price action.”
Also, when it comes to #Verasity and trading in general.
This one hit the 1.618 Fibonacci extensions beautifully.
After that, a natural & healthy correction. The first S/R flip taking place here, might be done.
