Crypto analyst and trader Michaël van de Poppe says Bitcoin is likely to go through a significant correction before its next big rally can begin.
The strategist tells his 87,000 Twitter followers that BTC may retrace as much as 26% from its current levels in the weeks ahead. After that, he expects a fresh altcoin boom to begin.
[adinserter block="1"]“Congratulations to the majority of crypto twitter, you are finally break even on your position. It has been a hard three years… Very cool what’s happening today and funny is that it’s still just the beginning of this new cycle.
I still believe BTC is due for a correction… One more correction towards $16,000 or $14,000 and then the real altseason and party can start.”
Van de Poppe is closely watching XRP to see where the third-largest cryptocurrency may head next.
He says XRP needs to hold onto the $0.635 level in order to prevent a big move to the downside.
“We see that we’ve had a very massive move upwards from $0.20 towards even $0.80 on several exchanges. We did make a nice break through which we can define two support levels on the daily time frame, which is around $0.30 and around $0.45…
We can see we are trying to break the resistance area here. However, if we want to sustain support, we have to hold above $0.635. If that sustains we might be continuing toward a new high, which might be $1.00. Losing $0.635 and the markets should be watching $0.45 to $0.47 as a new support zone.”
[adinserter block="1"]Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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