Michaël van de Poppe Maps Out Scenarios For Bitcoin, Updates ETH

Michaël van de Poppe, a top crypto market analyst and trader is analyzing two possible scenarios that could be next in the cards for Bitcoin, as the market keeps trading at lower levels since the latest correction.

Bitcoin (BTC)

In a recent video, the trader shares with his 147K subscribers on YouTube he believes that the leading digital asset will either take back $60K as support or form a double bottom structure at $55K, and then continue the restart the bullish momentum.

“At this point, we can just conclude we’re making lower highs, lower lows, in which we retest previous levels… In this case, we got towards support ($55,000), bouncing back up [and now at] crucial resistance zone ($60,000).

If that flips, we can start continuing upwards. If it rejects, then we’re most likely going to get a retest around the lows $55,000 to get a bullish divergence, which we don’t have right now. And if we’re going to get such a bullish divergence, that is going to be a sign that the market is going to reverse from here.”

At the time of writing BTC trades at $56,670, with 8.8% loss on a weekly chart.

Ethereum (ETH)

According to Van de Poppe, Ethereum (ETH), the leading smart contract platform, looks much healthier than BTC after ETH flipped a key resistance area into support.

“Crucial resistance for Ethereum is the level around $4,500. That one has to break. If we do break through that level, I think we’re going to continue towards new all-time highs. Overall, this is showing way more strength, and when you’re looking at the weekly timeframe, beautiful retest taking place here ($4,000), which could result in just further continuation of the markets.”

At the time of writing ETH trades at $4,140, with 5.6% loss on a weekly chart.