Bitcoin and Crypto Markets Need Healthy Correction, Says Analyst Michaël van de Poppe
Widely followed crypto strategist and trader Michaël van de Poppe says he believes Bitcoin and the crypto markets are likely due for a “healthy” correction.
In a new strategy session, Van de Poppe tells his 116,000 YouTube subscribers that Bitcoin (BTC) must stay above a key level if it wants to keep grinding higher.
“If we lose $48,000, we could be having a very harsh correction towards any of these lows again ($44,600) and potentially even $41,400. And that’s probably going to give some pain to the altcoins, too…
Usually, what Bitcoin wants to do is that it grinds up, rejects in a very harsh manner and stabilizes for a range.”
The crypto analyst highlights that the sentiment of investors has swung from fear to greed amid the recent strength of the crypto markets.
“We’ve just witnessed sentiment going from a funeral state towards, ‘We are buying lambos again.’ In between, you’ve got a healthy corrective move that is needed for the markets to continue moving afterwards, which means that I’m looking at such a structure right now.”
Van de Poppe says that a move below $48,000 could ignite the start of a corrective move that sends Bitcoin down to support at $44,000.
Although Van de Poppe is short-term bearish on BTC, he says the retracement would not likely lead to a heavy correction.
Looking at Ethereum, the crypto trader says he believes the leading smart contracts platform will likely revisit its immediate support below $3,000.
“I think that based on the fact that we just made a higher low, we are eager for a retest of this higher low here ($2,980). Especially if Bitcoin is not able to break $51,000, I think we’re going to build up some more strength… If $2,980 is lost, we’re going to look at the next level, which is [$2,600]. That is the very obvious level that everybody wants to long. I don’t think we’re going to get to that level.”
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