Bitcoin (BTC) Approaching Lowest Point of Downtrend, Crypto Analyst Warns
In the world of cryptocurrencies, Bitcoin (BTC) has been experiencing a brief downtrend, and a prominent crypto analyst suggests that it is edging closer to its lowest point. Michaël van de Poppe, a well-known crypto trader, recently shared his insights with his 660,100 Twitter followers, emphasizing the need for BTC to rebound before further decline.
Van de Poppe expressed his concern by stating, “Lows are getting taken again. BTC needs to flip back up here, otherwise we might witness a scenario where Bitcoin reaches $28,500.” He also mentioned that the market’s anticipation of a rate hike, fueled by positive unemployment data, adds to the overall uncertainty.
According to the analyst, those who recently rushed to invest in BTC due to the fear of missing out (FOMO) are likely experiencing the pain of an instant correction. Van de Poppe predicts that Bitcoin could drop below the $30,000 mark once again, causing more distress for FOMO buyers. He expects the market to remain stagnant, with potential sideways movement and even a possible dip to $29,900.
Furthermore, Van de Poppe characterized BTC’s recent dip, which saw its value decline from a 24-hour high of $31,480 to a 24-hour low of $30,070 (representing a 4.5% decrease), as one of Bitcoin’s “low volatility movements.” Despite the fluctuations, the analyst seemed to find amusement in these episodes of low volatility.
As Bitcoin’s price continues to fluctuate, investors and traders are keeping a close eye on the market, considering the warnings and predictions provided by analysts like Van de Poppe. The crypto community eagerly awaits the next turn of events to determine the future direction of the king crypto.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.