Bitcoin, the world’s largest cryptocurrency, is experiencing a massive downturn. However, popular crypto analyst, Michael van de Poppe has predicted that the cryptocurrency may be at the end of its correction, foreseeing potential upsides following a price bottom.
Analyst Suggests Bitcoin Bottom Closing In
In an X (formerly Twitter) post on Wednesday, May 1, Poppe declared that Bitcoin was at the end of its correction phase, suggesting that the cryptocurrency’s anticipated bottom was finally closing in.
The crypto analyst disclosed that BTC was down by 20% from its all-time highs in March 2024, predicting further declines possibly driven by market volatility and investor sentiment. As of writing, the price of the cryptocurrency is trading at $57,719, reflecting a weekly decline of 9.53%, according to CoinMarketCap.
Poppe further confirmed on May 2 that Bitcoin had largely completed its downward trend. He anticipates another 5% to 10% dip, clarifying that it may take some time before the cryptocurrency recovers and gets back to its previous bullish momentum.
Sharing a price chart depicting Bitcoin/Tether (USDT) price movements from October 2023 to September 2024, Poppe highlighted special green zones between $56,000 and $58,000 to monitor. He explained that these levels could serve as crucial support zones for a potential upside if Bitcoin’s price correction persists.
Despite the pessimistic outlook, the potential for a price rebound could emerge if BTC hits its bottom, as historically declines to lower levels have often preceded upsides.
Sharing a similar sentiment, crypto analyst, Ali Martinez has revealed that Bitcoin’s TD Sequential indicator on a 4-hour price chart was displaying a buy signal. He predicts that a rebound lasting between one to four candlesticks is expected for Bitcoin.
Altcoins Set To Take Over As BTC Plummets
In his post, Poppe revealed that during Bitcoin’s period of consolidation, altcoins could see increased activity, potentially taking over the market until BTC breaks all-time high. The crypto analyst highlighted a recurring pattern, suggesting that Bitcoin tends to undergo a price correction before the Federal Open Market Committee (FOMC) meeting, with the price settling into a neutral position once the FOMC session concludes.
Poppe has stated that following the FOMC meeting, he expects BTC to consolidate and go sideways while altcoins heavily outperform as rotation kicks in. He has also suggested that the present market condition characterized by BTC’s decline makes it a favorable time for investors to buy altcoins.
“Bitcoin reaching sub $57,000 pre-FOMC as tonights’ FOMC is one of the biggest ones of the year. I expect us to bottom anywhere soon. Altcoins have bottomed already, and I think that’s where you’ll find the ROI,” Poppe stated.
BTC bulls regain control of price | Source: BTCUSD on Tradingview.com
Featured image from Crypto Virally, chart from Tradingview.com
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