A widely followed crypto analyst thinks king crypto Bitcoin (BTC) is still fine as he updates his outlook on Litecoin (LTC).
Crypto trader Michaël van de Poppe tells his 557,200 Twitter followers that BTC’s most recent correction is healthy in an overall upward trend.
“If you look at the higher timeframes for Bitcoin, things are still fine.
Healthy correction in an uptrend, approaching many support levels.
Rather than expecting $12,000, it’s important to look at what might be support around here.”
Furthermore, if BTC bounces back toward the $26,600 level today, then Van de Poppe thinks BTC traders have already witnessed Bitcoin’s local low.
“Bitcoin still swimming around the lows. Last night we’ve seen a sweep of the low at $26,100, no sweep of $25,800 yet.
Today is probably the decisive day for trend-based perspectives.
If we run back up to $26,600, I think we’ve seen the low.
Looking at longs.”
BTC is worth $26,245 at time of writing, down 4.4% in the last seven days.
Moving on to peer-to-peer crypto Litecoin, Van de Poppe says the markets are barely showing any interest in LTC despite its upcoming halving.
“Litecoin getting into an interesting area, through which I’d like to see whether $80-83 sustains as support.
Halving is coming up and barely any interest has been shown by the markets.
Might pace up if Bitcoin finds itself into a low.”
LTC is worth $84.72 at time of writing, down 10% in the last seven days.
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Featured Image: Shutterstock/Zvereva Yana/Natalia Siiatovskaia
