Crypto analyst Michaël van de Poppe has shared his perspective on Bitcoin (BTC), suggesting the potential for a final corrective move downward in the cryptocurrency’s price. In a recent video addressed to his substantial YouTube following of 162,000 subscribers, Van de Poppe posits that Bitcoin might experience a dip of approximately 10% from its current valuation in what he refers to as the “final correction.”
Van de Poppe points out that this final correction could present a favorable opportunity for long-term Bitcoin enthusiasts to accumulate more BTC. He explains that while Bitcoin is currently trading at $25,827, there is a delay in the approval of spot exchange-traded funds (ETFs) for Bitcoin. Meanwhile, announcements for Ethereum (ETH) Futures ETFs are expected in about three to four weeks, with applications for spot ETH ETFs currently under consideration. These developments in the ETF space could impact the cryptocurrency markets, potentially leading to a final correction.
Van de Poppe clarifies that this final correction could see Bitcoin’s price drop to around $23,000 or $24,000, especially if it closes below the 200-week Exponential Moving Average (EMA). However, he believes this correction should be seen as a buying opportunity, especially for long-term investors, as institutions continue to enter the cryptocurrency markets.
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While acknowledging the possibility of a correction, Van de Poppe also highlights the importance of Bitcoin staying above the 200-week EMA. If Bitcoin manages to close above this level, it could serve as a catalyst for continued upward movement. Currently, the 200-week EMA is hovering around $24,689.
In summary, Michaël van de Poppe’s analysis suggests the potential for a final correction in Bitcoin’s price, providing an opportunity for long-term investors to accumulate more BTC. However, he emphasizes the significance of Bitcoin remaining above the 200-week EMA for continued bullish momentum in the cryptocurrency.