A widely followed crypto analyst and trader says that the recent downturn for Bitcoin (BTC) reminds him of the king crypto’s volatility during Covid.
In a new post to his 815,000 followers on X, crypto trader and analyst Michaël van de Poppe compares today’s market to the crypto market from five years ago.
“This recent crash on the markets reminds me a lot of the COVID crash on Bitcoin.
Yes, it was heavy.
People expected to see another test at the lows, actually, during these times, lower lows were also expected in the COVID crash.
It never happened.
The higher price went, the more FOMO was getting back on social media and the bears were getting FOMO to be buying back into Bitcoin.
The higher Bitcoin goes during these 1-2 weeks, the lower the chance of that low to happen again.”
According to the crypto analyst and trader, BTC’s most recent move was “magnificent”.
“A magnificent move on BTC.
However, it’s still in a downtrend and the area at $91K is the first real resistance zone.
I would assume we’re going to see some consolidation there, and probably test $85-86K before we’ll continue to go up.
Good retest today and CME gap close resulting into this upwards move.”
Lastly, the trader seems to vent some anger apparently directed toward unbelievers.
“The biggest ‘fuck you’ this market can give is to just go up on a tear and leave everyone behind, not believing in higher valuations for Bitcoin and Altcoins.”
Despite Van de Poppe’s protestations, BTC is worth $86,975 at time of writing, down 23% in the last 30 days.
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