Michael van de Poppe said that BTC’s drop below the $29 700 level indicates the continued accumulation and consolidation of the first cryptocurrency in the hands of investors. However, the analyst believes that after overcoming this psychologically important level, bitcoin may well start another cycle of growth. And there are reasons for that:
“Bitcoin’s explosive party will begin after the $29 700 breakout. Until then, we’re still in the consolidation phase. Exchange-traded funds will launch soon and it will be a big event that will shift the market. Buy back the fall of bitcoin and ether with all the money you can invest.”
Michael van de Popp recently said that traders shouldn’t expect BTC to fall to $12 000 again before the next bull rally – right now, bitcoin’s value is attractive enough as is. The analyst compared the first cryptocurrency to the real estate market and said that buying bitcoins will always be justified.