Van de Poppe Lays Out Possible Scenarios For Bitcoin Amid Latest Crash
According to a leading crypto market analyst and trader Michaël van de Poppe, Bitcoin (BTC) is in a crucial support zone despite the falling below $40,000.
In a recent video, Van de Poppe talks about the events leading up to yesterday’s market crash.
“After the US opened, we ran up, and then we started to nosedive again as the US equities also started to drop down.
So, that dropped down, and we didn’t really reclaim $43,500, and that dropped down beneath $42,400. I stated that, most likely, we are going to nuke because we’re dropping back in the range, and then it starts to nosedive to the other side and most likely even accelerate further because of the impact of such a drop.
That is actually what has been taking place.”
However, the analyst believes that Bitcoin is likely to find even stronger support below $40K level, and predicts a scenario where BTC could rapidly bounce back.
“But, actually, we are back into that range… the green zone (~$38K) to find some support on, which is that crucial level I’ve been claiming for a while.
I think if we get back to $40,700, we are going to bounce back through it quite fast.”
However, an immediate bounce from $38,000 might not be in the books, and the recovery might be slower.
“If we drop beneath this green zone (~$36,500), that is a shit show. Then we’re going to test $30,000.”
While the crypto market is highly unpredictable, the trader outlines his most likely scenario of what is in the books next for Bitcoin in the short-term.
“The short-term conclusion would be that we are getting a weaker move south… which shows that potentially the buyers are getting momentum back into the markets and sellers are losing their actual momentum.
But that’s still a very early conclusion to make.
The conclusion to make is that we’ve lost $40,700 and that we have to crack through that one again. And if we do, then this entire move (the latest crash) here is going to be a fake-out, and we’re going to test $46,000…
If I was looking for positions, I would be buying it.”
At the time of writing, Bitcoin is trading at $36,341, Below van de Poppe’s “shit show” line.
