Popular crypto analyst Michaël van de Poppe thinks things will get worse in the digital asset markets before they get better.
The crypto trader tells his 510,700 Twitter followers that he could see Bitcoin (BTC) dropping to the $49,000 range in the next month or so.
Van de Poppe does believe, however, that altcoins will take off in early 2022.
“I still assume something like this will be happening on BTC.
It’s close to the end of the correction, but will probably wash out a few more peeps.
Altcoins to drop some more and accelerate from January onwards. Going to be fun.”
BTC is trading at $57,429.47 at time of writing.
The crypto analyst adds that altcoins are “bleeding” right now because traders want to minimize their risk due to market uncertainty and fears of a possible bear market.
“Patience is required, but the next run is going to be fun.”
Van de Poppe also predicts that Cardano will lose value against Bitcoin (ADA/BTC) for the rest of 2021 before finding support at 0.000023 BTC ($1.31) and potentially reversing its trend by early next year.
Cardano is currently trading at $1.60.
Van de Poppe also analyzes the recent price action of VRA, the utility token of Verasity, a decentralized video-sharing blockchain network.
The analyst says the 301st-ranked crypto asset by market cap has endured a “natural and healthy” correction.
“Also, when it comes to Verasity and trading in general.
This one hit the 1.618 Fibonacci extensions beautifully. After that, a natural and healthy correction. The first [support/resistance] flip taking place here, might be done.
To me, completely fine as price action.”
VRA is trading at $0.057956 at time of writing.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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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 loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Preechar Bowonkitwanchai/Natalia Siiatovskaia