Popular crypto strategist and trader Michaël van de Poppe explores where the Bitcoin (BTC) price may go as markets worldwide contract with the discovery of a new coronavirus variant. cryptocoin.com We share the analyst’s comments…
Michael van de Poppe shared his analysis on Bitcoin price
Van de Poppe said the overall decline in the market was a cyclical correction alongside concerns about further closings. The analyst pointed out that a very natural and healthy correction movement has taken place in Bitcoin, which we have not seen in the last few months, and that such a decline has not occurred since September. Continuing to evaluate Bitcoin’s recent price drop, the analyst concluded that while he does not think that BTC has entered a bull market, he is skeptical of relying on traditional four-year models to predict future price action, and used the following statements:
I believe the reason Bitcoin is currently down is because of macroeconomics. But regardless, I’m still very confident that the markets will not be bearish at this stage. I think we are still willing to be in an uptrend. ‘Where will Bitcoin bottom out?’ At this point where the question arises, there is a healthy correction. We can throw out the four-year cycles, trash PlanB’s stock-to-flow model with those estimates because it’s no longer valid. We are in a different environment right now when it comes to markets. Obviously, we are making a drastic correction move right now… but this shows that the markets are not predictable and it is not valid to expect Bitcoin to operate in four-year cycles.
Van de Poppe sees $55,000 as an important support level, but also thinks that the leading cryptocurrency could drop as low as $48,000 without putting an end to its bull run. On the other hand, he thinks that the rise can be continued with the $ 66,000 level exceeded. However, he states that the markets may be weak until the end of this week, possibly causing a little more pain as we enter the next week.
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