The cryptocurrency market found the opportunity to recover while the sharp decline in US technology stocks was relieved. Bitcoin is up 3.38% in the last 24 hours, while Ethereum is approaching 8%. Michaël van de Poppe on Twitter for the next technical level. cryptocoin.com compiled for our readers.
Why has Bitcoin corrected?
Legendary crypto analyst Michaël van de Poppe says that Bitcoin (BTC) fluctuates between rallies and corrections, in part because of the strength of the dollar. In a new YouTube video, the analyst tells his 165,000 subscribers why Bitcoin is correcting after a massive bounce from recent lows:
We had a nice bounce from the mid-$32k to $39k or close to $39k and today we reversed that trend. Why are we rising? The dollar is showing some weakness after consolidating heavily. Due to this weakness, markets are at risk… Bitcoin, for example, showed some strength on the upside. However, throughout Bitcoin’s entire run, we did not see much strength as it decreased with volume. So, ended up with this fix today.
The analyst illustrates Bitcoin’s recent price fluctuations with a chart highlighting the $37,000 region as BTC’s next bounce target:
And this is not a breakthrough for Bitcoin, so correction is taking place. The green zone is the first potential bounce probability. In general, he remains cautious.
37 thousand dollars could be decisive
However, if BTC fails to hold near $37,000, the analyst predicts a possible 8% drop:
If Bitcoin loses the $37,000 level, I think it will start to drop rapidly towards the lower border of the region around $34-35k.
Looking ahead, Van de Poppe advises Bitcoin investors to remain calm and cautious for now:
So what will most likely happen now? I think it should be relatively quiet. Some staking money should be set aside. Start accumulating slowly, because the whole range is still a big chance.
Van de Poppe expects Bitcoin to see huge gains in the near future, albeit unspecified, wherever the leading cryptocurrency by market cap finds support:
Something like this would make sense for Bitcoin.
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