Analyst and trader Michaël van de Poppe is laying out his short, mid and long-term predictions for Bitcoin (BTC) and the greater cryptocurrency market.
The analyst says BTC may be getting its mainstream mojo back after its recent surge above $9,000.
“Today was one of those days that ‘old’ friends all of a sudden start to ask whether ‘it’s a good time to buy BTC’. Last time was around June 2019.”
Van de Poppe cautions that Bitcoin has likely hit a short-term ceiling and could establish a range around $8,500, giving Ethereum (ETH), XRP and the altcoin market at large enough breathing room to rise.
“Massive move yesterday. Came all the way towards the support level of summer ’19.
Not expecting to see a breakthrough, despite the euphoria. Calming down of BTC would trigger altcoins to bounce up in their BTC pairs and follow suit…
Volatility should probably come down a bit in the coming days. Could still [see] a few $100 swings, but slowly decreasing. Range supports: $8,200 / $8,375-8,425. Range resistances; $9,000-9,100 / $9,300-9,400. Pretty nice playing field.”
However, in the mid term, the analyst warns that “vertical charts usually don’t end well.”
He expects BTC to lose momentum and experience a significant correction after the halving occurs, which is set to happen on May 12th.
“This is my main scenario for BTC, still. Halving; ‘buy the rumor, sell the news’ event with a selloff to occur. After that correction, bull market can start.”
After the halving, Van de Poppe says he’s bullish on cryptocurrencies as well as commodities for the next three to six years.
