Bitcoin: Analyst Anticipates Last Major Correction
According to crypto analyst Michaël van de Poppe, Bitcoin (BTC) is possibly experiencing a significant downward movement in the near future.
In a recent video, Van de Poppe suggests that Bitcoin may undergo a final correction, potentially leading to a decrease of approximately 10% from its current price.
Van de Poppe advises long-term Bitcoin enthusiasts to view this correction as an opportunity to augment their Bitcoin holdings. He emphasizes the current Bitcoin price, which stands at $25,000.
Additionally, the analyst mentions a delay in the approval of spot ETFs (exchange-traded funds) for Bitcoin while anticipating an announcement regarding ETH Futures ETFs in the coming three to four weeks. He notes that applications for spot ETH ETFs are currently under consideration, suggesting that approval is imminent.
Van de Poppe acknowledges the likelihood of a final market correction but underscores that this correction will be the last one to closely monitor if it occurs. If Bitcoin falls to $23,000 or $24,000 and closes below the 200-week EMA (exponential moving average), it should be regarded as a critical point to observe.
READ MORE: Millionaire Investor Loses $24M to Crafty Crypto Scammers
This is particularly important given the increasing participation of institutional investors in the market, making it an attractive long-term investment opportunity.
At the time of writing, Bitcoin is trading at $25,827. While Van de Poppe acknowledges the potential for a correction, he also highlights the possibility of Bitcoin’s upward trajectory if it manages to stay above the 200-week EMA.
Currently, the 200-week EMA is situated around $24,689.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
