Popular crypto strategist and trader Michaël van de Poppe explores where the Bitcoin (BTC) price may go as markets worldwide contract with the discovery of a new coronavirus variant. Cryptocoin. com we share the analyst’s comments…
Michael van de Poppe shared his analysis on Bitcoin price
Van de Poppe said the overall decline in the market was a cyclical correction alongside concerns about further closings. The analyst pointed out that a very natural and healthy correction movement has taken place in Bitcoin, which we have not seen in the last few months, and that such a decline has not occurred since September. Continuing to evaluate Bitcoin’s recent price drop, the analyst concluded that while he does not think that BTC has entered a bull market, he is skeptical of relying on traditional four-year models to predict future price action, and used the following statements:
I believe the reason Bitcoin is currently down is because of macroeconomics. But regardless, I’m still very confident that the markets will not be bearish at this stage. I think we are still willing to be in an uptrend. There is also a healthy correction at this point where the question “Where will Bitcoin hit the bottom?” arises. We can throw out the four-year cycles, trash PlanB’s stock-to-flow model with those estimates because it’s no longer valid. We are in a different environment right now when it comes to markets. Obviously, we are making a drastic correction right now… but this shows that the markets are not predictable and it is not valid to expect Bitcoin to operate in four-year cycles.
Van de Poppe sees $55,000 as an important support level, but also thinks that the leading cryptocurrency could drop as low as $48,000 without putting an end to its bull run. On the other hand, he thinks that the rise can be continued with the $ 66,000 level exceeded. However, he states that the markets may be weak until the end of this week, possibly causing a little more pain as we enter the next week.