Popular crypto analyst Michael van de Poppeshared a scenario where he thinks things will get worse before they get better in the digital asset markets.
On his Twitter account with 510,000 followers, Bitcoin (BTC) could fall to the $49,000 range next month, the analyst said. However, we believe that the analyst altcoins could be bullish as early as 2022.
“I still think this kind of scenario will happen for BTC. The fix is near the end but there are probably a few glitches left. Altcoins will also drop a little more and ‘accelerate’ from January.”
Bitcoin (BTC) It is currently trading at $57,429.
The crypto analyst added that altcoins are currently “blooded out” as investors want to minimize their risk due to market uncertainty and fear of a possible ‘bear market’.
“We have to be patient, the next run will be pretty fun.”
The analyst also thinks that Cardano (ADA) will lose value against Bitcoin (ADA/BTC) for the rest of 2021 before finding support at 0.000023 BTC (currently $1.31) and potentially reversing its ‘trend’.
Cardano (ADA) It is currently trading at $1.60.
Van de Poppe also analyzed the recent price action of VRA, the service token of Verasity, a decentralized video-sharing blockchain network.
The analyst said that the 301-ranked crypto asset by market cap is undergoing a “natural and healthy” correction.
“Also, when it comes to Verasity and commerce in general. This captured the 1.618 Fibonacci extensions nicely. Afterwards, she experienced a natural and healthy correction. The first to happen here [destek/direnç] translation can be made.
To me, it’s totally fine as a price action.”
Verasity (VRA) It is currently trading at $0.057956.
Let’s see if the analyst will correctly predict the decline of Bitcoin before the upcoming altcoin season, as he stated in his own analysis. According to Van de Poppe, many analysts are also quite wrong at the moment because they misinterpret Bitcoin’s decline and market dynamics.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.