Michael van de Popp: “Bitcoin correction will occur when it reaches $53,000”

Prominent crypto analyst Michael van de Popp recently shared his unique perspective on the ongoing bullish trend of Bitcoin and its potential future prospects. Offering insightful recommendations to investors regarding BTC investments, van de Popp highlighted the importance of monitoring market sentiment and exercising caution in fast-growing markets.

Van de Popp acknowledged Bitcoin’s surge past the $50,000 mark and its continuous growth, raising the question of how its rate will evolve in the coming months. The analyst pointed out that prior to the introduction of spot Bitcoin ETFs in the US, Bitcoin experienced a rally from $25,000 to $49,000.

Nevertheless, van de Popp cautioned against relying solely on market sentiment as an indicator, noting that expectations for new Bitcoin all-time highs tended to exceed reality even before ETF approvals. This often led to exaggerated price movements. He referred to the recent correction Bitcoin experienced from $49,000 to $39,000 due to fund outflows from Grayscale’s GBTC fund, emphasizing how this outflow would continue to negatively impact the market and result in a correction for Bitcoin.

The analyst urged traders and investors to adopt strategies aligned with their risk tolerance. He advised short-term traders to exercise caution, especially during rapid market growth. For instance, if a trader purchases a crypto asset whose rate has increased by 35% in 10 days, it may ultimately prove to be an unprofitable investment. Van de Popp suggested that a Bitcoin pullback could potentially occur upon reaching the $53,000-$58,000 range. On the other hand, long-term investors were advised to wait for a 20-40% correction before entering the market.

“If you are purchasing Bitcoin with a two to three-year holding intention and believe that Bitcoin will reach $150,000 during this period, there is no reason to refrain from acquiring it at the current prices,” van de Popp wrote.

As for Ethereum, van de Popp’s recent forecast predicts that the second-largest cryptocurrency will reach $3,500-$4,000 within the next three to six months, possibly influenced by the upcoming Dencun update on the Ethereum network.