Crypto Analyst Says, The Most Recent Dip Is Being Used To Take BTC lows

A crypto analyst who is widely watched says that Bitcoin (BTC) is getting close to the bottom of a short downtrend because of its recent drop.

Michal van de Poppe, a cryptocurrency trader, tells his 660,100 Twitter fans that BTC needs to go back up before it goes even lower.

“Lows are getting taken again.

Needs to flip back up here, otherwise $28,500 scenario seems likely for Bitcoin.

Markets expecting a rate hike due to positive unemployment data.”

Van de Poppe asserts that traders who recently purchased Bitcoin out of FOMO are probably suffering from an immediate correction and predicts that the price of Bitcoin may drop below $30,000 once more.

“Typical FOMO buyers getting hit in an instant correction and we’re back to the chop on Bitcoin.

More sideways action likely, maybe even sweeping to $29,900.”

Van de Poppe also says BTC’s dip, which saw the top crypto by market cap fall from a 24-hour high of $31,480 to a 24-hour low of $30,070, a 4.5% decrease, is another one of BTC’s “low volatility movements.”