An analyst closely followed by the crypto market argued that while updating the forecast for Litecoin (LTC), the situation is not bad for the leading cryptocurrency Bitcoin (BTC).
Crypto trader Michaël van de Poppe says the recent correction is healthy in Bitcoin’s overall uptrend. stated. Van de Poppe explained that similar patterns have emerged in many past price corrections of BTC and that these corrections are often part of a bull market.
“If you look at the higher timeframes for bitcoin, things are still good. A healthy correction in an uptrend approaching many support levels. Instead of waiting for the $12,000 level, it’s important to look at what level can be support here.”
Van de Poppe emphasizes that investors should see the big picture instead of worrying about the points where the market is in a downtrend.
The crypto analyst also claims that if Bitcoin returns to the $26,600 level, local lows will have been surpassed:
“Bitcoin is still moving low. we saw it test $26,100 last night, no test yet for $25,800. Today is probably a defining day for trend-based perspectives. If we go all the way to $26,600, I think we’ll have already hit the bottom. I’m looking at long positions.”
BTC is trading at $26,499 at press time, down 0.92% in the past seven days.
Van de Poppe, who switched to Litecoin after Bitcoin, thinks that the markets are showing almost no interest in the altcoin despite the upcoming halving event.
“Litecoin is entering an interesting area, I want to see if $80-83 stays as support.
The halving is approaching and the markets are showing almost no interest.
If Bitcoin finds itself at a low (LTC), it could accelerate.”
Litecoin’s halving is an event where mining rewards are cut in half and is often known for attracting the attention of market participants. However, van de Poppe thinks the market’s apathy towards LTC is a different case this time around.
The altcoin is worth $85.17 at the time of this writing, down 5.73% over the past seven days.
You can check the price movements here.