Renowned Analyst Predicts Bitcoin Correction Is Over
Date: 2024-01-28 Author: Dima Zakharov Categories: IN WORLD
Renowned Dutch trader and financial market analyst, Michaël van de Poppe, has made a bold statement regarding the future of Bitcoin. In his latest YouTube video, he confidently stated that the correction in Bitcoin's price is now complete, and he doesn't anticipate the price falling below the $40,000 mark. Van de Poppe backed his assertion with a series of reasons.
The cryptocurrency expert pointed out that Bitcoin had already undergone a correction, sliding from $48,000 to $38,000, and other altcoins have continued to correlate with these movements. Additionally, he mentioned the impact of Mt.Gox payouts to its clients, ETF Grayscale Investments outflows, and real estate sales at FTX on the market's dynamics.
Van de Poppe expressed his belief that Bitcoin's price "will adjust towards reality, possibly leading to a more prolonged bull cycle" this year. He also suggested that traders may witness a new all-time high for BTC in the near future, while reassuring that a drop to $30,000 is unlikely. Furthermore, he speculated that altcoin prices could experience significant growth during the intervals between Bitcoin corrections.
Michaël van de Poppe is renowned for his accurate financial market forecasts and technical analysis expertise, particularly in the realm of cryptocurrencies, stocks, and commodities. He provides daily insights into market trends and offers valuable advice for investors.
Van de Poppe's proficiency in technical analysis and his ability to identify key support and resistance levels on price charts have earned him a strong following. He remains vigilant about monitoring news and fundamental factors that could impact the markets.
As of the evening of January 27, 2024, the price of BTC stands at $41,755, with a market capitalization of $818.9 billion and daily trading volumes of $18.36 billion.
