After a week of falling prices for crypto led by Bitcoin (BTC), a widely-followed analyst says the bottom is nearly in.
Crypto trader Michaël van de Poppe warns his 715,600 followers on the social media platform X that it could still take some time for BTC to recover from falling nearly 7% in the last two weeks.
“It’s going to take a while for Bitcoin.
However, most of the downside is done.
There might be another 5-10% correction, but from here, altcoins are going to take over until Bitcoin breaks the all-time high.”
BTC is worth $59,290 at time of writing, up 4% in the last 24 hours.
Pulling back the curtain on altcoins, Van de Poppe says this slump should be expected after the long hibernation of a bear market.
“Sentiment is on the ground, retail isn’t here and the expectations are that the markets will solely continue to fall down.
That’s entirely expected after the longest bear market for altcoins, which has been taking place for 2.5-3 years.”
Looking specifically at the Ethereum (ETH) layer-2 altcoin Optimism (OP), the analyst remains optimistic about the token’s future.
“One of the strongest performers since the last low; OP.
It’s up more than 50% already.
Expecting to continue running in the coming period, every 20-30% dip is an opportunity to scoop some more.”
OP is worth $2.77 at time of writing, up 9% on the day.
Focusing on the leading altcoin by market cap Ethereum, the crypto analyst thinks ETH could drop to $2,500 before rallying.
“Ethereum might be dropping to the $2,500 area for the most optimal play.
Personally, I don’t think the markets are going to be having such a heavy correction.
Most of the downside is already in.”
ETH is trading for $2,997 at time of writing, up 4% since yesterday.
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