Strategist and trader who is closely followed in the crypto world Michael van de Poppeshared his views and analyzes on whether Bitcoin, the largest crypto asset by market value, has passed into the bear zone.
Hours before the recent deep price pullback, Michaël van de Poppe said on his Twitter account that he expects Bitcoin to correct sharply and give the impression that the bull market is over.
“The script is very simple.
- People were expecting a bull run in December. This is not happening.
- Then let’s let the market fix itself accordingly.
- People will expect a bear market at the lowest (around $47,000-$50,000).
- Control the markets and leave everyone behind.
- Here is the super cycle!”
Despite trading in Bitcoin under $50,000, Van de Poppe bitcoin(BTC) is still in a bull market, emphasizing that he believes the correction is now over.
“Overall, this should be the lowest level of a standard 30-40% correction in the markets. However, the corrections in Bitcoin over the past few years have been very bad as there is such a huge amount of leverage in the markets.
This is how we get over it. But all is well, it must be done now.”
Looking at the charts, Van de Poppe said there is a good chance for Bitcoin to start a “V-shaped” reversal, or a sharp rally where BTC will revisit its all-time high near $69,000 early next year.
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.