Popular cryptocurrency analyst Michaël van de Poppe has updated followers on his forecast for Bitcoin and the crypto markets.
In a recent trading review session posted to YouTube, Van de Poppe warned the severity of the recent price correction could lead to an even greater pullback.
The trader said:
Are we done yet? I do not assume that we’re done yet because we can just have very corrective moves. Historically, March is not the best period for crypto in general or markets. So I do not believe that we are done.
According to Van de Poppe, the lower time frame charts were pointing to a bearish outlook for crypto, while higher time frames were “still doing fine.”
The veteran trader said a key point of resistance had been established in the $50k – $52k region, with some investors rushing to buy the dip. Poppe claimed the bounceback for Bitcoin was likely being driven by short-sighted FOMO-ing in the market.
Van de Poppe warned the price could fall below $35K with an additional pullback, but indicated there was “no need to panic.”
The market structure is still fine. Even if Bitcoin drops to $35k, the market structure is still fine as we are still making higher lows [and] higher highs. So it’s very natural to have a corrective move.
Featured Image Credit: Photo via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.