Van de Poppe: Here’s What’s In Store for BTC, ETH & ADA After Market Drop

Michaël van de Poppe, a prominent cryptocurrency analyst and pro-trader, shares his thoughts on what happens next with Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) as the market witnessed a drastic correction just after El Salvador announced Bitcoin as legal tender.

Bitcoin

Van De Poppe shares in a video update with his 122K Youtube subscribers his thoughts on abrupt market crashes. They are nothing new for Bitcoin, and he has not changed his view that the bull market structure appears to still be in place.

“We’ve seen it happening in every cycle and we’ve also seen it happening during those bull cycles back in the day. So this chain reaction to the downside needs to happen to liquidate everyone on the bottom. So every long has to be liquidated, the FOMO has to get killed in order to wash everyone out of the markets before the markets start to reverse…
If we’re going to regain $46,700, the structure still stands. This means that we’re still making higher lows. $46,700 to $47,000 is a very remarkable level for me. If we even get the chance to get to close above $49,000, which is the previous support zone, I think we’re done with this entire correction…”

Ethereum

Regarding Ethereum, the trader draws a critical support zone that must hold for ETH to resume a bullish trend upward.

“If Ethereum is going to close above $3,400, we are quite sure that the low is in and it’s going to continue moving from here. When we are looking back at the price structure, we see that we’ve had those washes in the beginning as well.
We’ve seen crashes happening, we’ve seen drop-downs happening. And after that the markets just reversed, because such a deep wick as this one shows that there’s actually interest from the markets, causing bias pressure.”

Cardano

Looking at Cardano, the analyst point out that ADA has a strong support level at $2.00 and would need to close above $2.45 before an upward trend can continue.