Closely followed crypto analyst and trader Michaël van de Poppe says the current Bitcoin correction is not over yet. According to the analyst, if the BTC price drops below $60,000, it can be followed for higher levels from the region where it found support. The veteran analyst also says he wants to watch Ethereum above $4,012…
Van de Poppe expects correction in Bitcoin price
In a recent strategy session, Van de Poppe said that BTC could drop further before the leading cryptocurrency shows signs of recovery. Poppe states that he will be following in this case:
So, based on the Fibonacci extension level, the previous high (high), the previous low (low), the key figure and the key level to watch has become an area around $57,000. So all this range we have here ($57,000 – $59,000) is actually the area I would like to see continue to keep the momentum going.
Bitcoin (BTC) could regain its bullish momentum
While Van de Poppe expects Bitcoin to continue to pullback, he believes the top cryptocurrency will rise between 25-50% once BTC regains its bullish momentum. The analyst said he is targeting around $74,000 on the upside:
Right now, based on the daily time frame, we could run up to $75,000, get a slight bearish divergence and then a slight reversal, but overall, based on the daily time frame, that’s what I’m looking at.
The analyst also added:
I think the next impulse wave will most likely bring prices back to $90,000 as the next run from here is based on the last impulse move with Fibonacci.
Van de Poppe wants to watch Ethereum above $4,012
Looking at Ethereum against Bitcoin (ETH/BTC), Van de Poppe would like to see the pair move above 0.066 BTC ($4,012) before making any entries. The analyst says he will follow these technical levels:
If we have a payback above this level (0.066 BTC), I will deal with long positions. If we go all the way down and test around 0.061 BTC ($3,709), I’m looking for an HL to enter. If this is lost I will look at the lows to take and the next level here is 0.051 BTC ($3,101). That’s why I’m not very interested in altcoins at the moment… It will probably be there, but Bitcoin is in the first place at this point.
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