Experienced cryptocurrency analyst Michael van de Poppe has stated that he expects the largest cryptocurrency Bitcoin to make a sharp downward movement. The analyst advised investors to be prepared for a potential sharp pullback.
Analyst’s Prediction of “Final Drop” in Bitcoin
Cryptocurrency analyst Van de Poppe believes that Bitcoin could drop by up to 10% from current levels for one final correction. According to the analyst, long-term Bitcoin bulls should see this correction as an opportunity to increase their BTC holdings:
Bitcoin is currently at $25,000 levels. There is a delay in the approval of spot ETFs (exchange-traded funds) for Bitcoin. We will receive an announcement for Ethereum Futures ETFs in approximately three to four weeks. Applications have also started for spot Ethereum ETFs. Therefore, their approval is now a matter of time.
So yes, we can expect one final correction in the cryptocurrency market, but when we close below the 200-week EMA (exponential moving average) at $23,000 or $24,000, I believe this will be the correction to watch. Because with the fact that institutional investors are jumping into the markets, it is necessary to understand that this correction is a long-term investment opportunity that should generally be bought by those who look at the cryptocurrency market.
Conditions Will Change If Price Remains Above the 200-week EMA
While Van de Poppe believes that there is a high probability of a correction, he also added that if the crypto king manages to stay above the 200-week EMA, Bitcoin bulls can push the price upwards. He said:
If there is a candle close above the 200-week EMA this weekend and next week, the meaning will be quite clear. It will be a trigger for further upward movement.
At the time of writing this article, Bitcoin’s 200-week EMA was around $24,689. The price of the largest cryptocurrency is currently trading above the 200-week EMA.