Closely followed crypto analyst and trader Michaël van de Poppe is saying that the current Bitcoin correction is likely not yet over.
In a new strategy session, Van de Poppe tells his 136,000 YouTube subscribers that BTC could drop further before the leading crypto asset can show signs of recovery.
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“So based on the Fibonacci extension tool, the previous high, previous low, key figure and key level to watch become the area around $57,000.
So this entire range ($57,000 -$59,000) that we’ve got here is actually the area that I want to see sustained in order to keep the momentum going.”
Although Van de Poppe expects Bitcoin to continue its pullback, the crypto trader believes the largest cryptocurrency to surge between 25%-50% once BTC regains its bullish momentum.
“Right now, based on the daily time frame, we could still run all the way towards $75,000, get a slight bearish divergence and then make a slight reversal, but overall, this is what I’m looking at based on a daily time frame.
I think the next impulse wave is most likely going to bring the prices all the way back towards $90,000, as that is the next run from here also based on the recent impulse move with Fibonacci.”
Looking at Ethereum against Bitcoin (ETH/BTC), Van de Poppe wants to see the pair move above 0.066 BTC ($4,012) before taking any entries.
“If we do have a reclaim above this level [0.066 BTC], I’m going to be interested in longs. If we drop all the way back down and we get a test around 0.061 BTC ($3,709), I’m looking at a higher low to take the entry.
If that is lost, then I’m going to look at lows that are going to be taken, and I’m going to look at the next level here [0.051 BTC] ($3,101).
So right now, I’m not really interested too much yet into altcoins…The chances will be there, but Bitcoin is first taking the actual spot at this point.”