Under the influence of many factors, leading cryptocurrencies such as Bitcoin and Ethereum experienced a huge rise in 2023. However, after several days of extensive market correction, many investors have become worried about the future of the market. However, some experts believe that this correction is only a temporary situation and that the uptrends of leading cryptocurrencies such as Bitcoin and Ethereum will continue. Popular analyst Michaël van de Poppe is one of those who agree with this view.
Analyst Michaël van de Poppe told his 163,000 subscribers in a new YouTube video that Bitcoin could drop as low as $26,600 before continuing its uptrend.
“We need to look at any level between $26,600 and $28,000 as potential entry zones. These levels are supposed to work as supports. If we do that, we can continue (the uptrend) and, you know, it will take time for the markets to rebound.”
According to Van de Poppe, Bitcoin bulls must regain a critical resistance level for the corrective move to end.
“The situation remains the same for Bitcoin. It cannot exceed $27,800 as the resistance point. The bottoms can be expected to clear until they make a splash. However, $27,800 is crucial for a trend reversal, not $28,800.”
Apart from the leading cryptocurrency, the analyst also analyzes Ethereum (ETH). Van de Poppe thinks ETH is still in a macro uptrend as long as it trades above a crucial support level on the weekly timeframe.
“According to the weekly time frame… we are still in an uptrend. Even if there is a corrective move to the $1,800 level, we can still argue that we are in an uptrend and the rally is not over.”
As a result, many experts such as Michaël van de Poppe believe that this year’s uptrend of leading cryptocurrencies such as Bitcoin and Ethereum will continue. At press time, Bitcoin is trading at 27,392 while Ethereum is trading at $1,844.
You can follow the current price action here.