Recently, Bitcoin (BTC) fell below the crucial $26,000 level after failing to pass the repeated $30,000 resistance level. In a recent YouTube video, renowned analyst Michael Van De Poppe discussed this dip and attributed it to ETF-related changes. Due to the market’s increased volatility caused by this abrupt correction, more buyers and sellers are making investments in the future of the cryptocurrency market.
Van De Poppe factors out a significant obstacle on the 200-week Exponential Transferring Common (EMA) when analysing the Bitcoin chart. Similar to trends seen in previous pre-bull market periods, the price movement of Bitcoin suggests a potential section of consolidation. The key question is how Bitcoin‘s value will change, with a potential drop to $25,000 looming large.
The analyst also emphasizes how resistant altcoins are to Bitcoin, pointing out that they are exhibiting signs of strength. He thinks that alternative currencies might behave historically, typically gaining traction in September or October and possibly avoiding significant falls during these months.
Van De Poppe dismisses concerns of cryptocurrencies falling by another 80%, claiming that the crypto market is in the last stages of its cycle. He accepts the possibility of a mild recession but draws comparisons to 2015 and 2016, when similar problems developed but were ultimately avoided. He reassures that, even in the unlikely event of a modest financial slump, the outlook is still positive.
