Popular crypto analyst Michaël van de Poppe is updating his analysis on what levels Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) need to hold in the wake of the crypto market correction this week.
The trader tells his 128,000 YouTube subscribers that the correction is providing traders who want to get into the markets a “very nice entry zone.”
“If you go back in history, September is usually a pretty bad month, but October and the rest of the year is usually quite bullish.”
Van de Poppe says the critical level for Bitcoin to hold at this stage is a price between $37,500 and $40,000. If BTC loses that level, he says it could retest $28,000.
However, the trader predicts the bull cycle will continue, and he says BTC will continue moving upwards if it bounces back above $44,000.
Bitcoin is trading at $41,038.72 at time of writing, according to CoinGecko.
For Ethereum, Van de Poppe says the critical level to look at is around $2,600. If that holds, he thinks ETH’s bull cycle will probably continue.
The analyst predicts ETH will have a “relief bounce” anywhere up to $3,500, then drop down to a higher low, and then continue surging upwards in price. Ethereum is trading at $2,769.86 at time of writing.
Van de Poppe says Cardano (ADA) will need to break through $2.35 to look bullish again. He adds that Cardano is “getting into a massive buy opportunity.”
If ADA loses the level around $1.90, he predicts it could then drop all the way to $1.50. The crypto asset is trading at $2.00 at time of writing.
Van de Poppe does also note that he plans to get out of crypto completely after one more run of the bull cycle.
“Am I scared right now? No, but I’m very, very serious about the fact that we might be getting one final run of this bull cycle before the financial crisis starts. Then I don’t want to have crypto at all.
Maybe stablecoins, but overall not. So that’s when you want to take profits heavily, and that’s why you have to be cautious on your entries.”
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