bitcoin/if-history-rhymes-bitcoin-price-next-6-months/” rel=”nofollow noopener” target=”_blank”>bitcoin, the world's largest cryptocurrency, is experiencing a massive downturn. However, the popular crypto analyst, michael van de poppe has predicted that the cryptocurrency may be at the end of its correction, foreseeing possible upside after a bitcoin/elliot-wave-theory-bitcoin-top/” rel=”nofollow noopener” target=”_blank”>minimal price.
Analyst Suggests bitcoin Is Nearing Bottom
In a post from x (formerly twitter) on Wednesday, May 1, Poppe x.com/cryptomichnl/status/1785564391141757222?s=46″ rel=”nofollow” target=”_blank”>declared that bitcoin was at the end of its correction phase, x.com/cryptomichnl/status/1785575057244254302?s=46″ rel=”nofollow” target=”_blank”>suggestion that the cryptocurrency's predicted bottom was finally approaching.
The crypto analyst revealed that btc was down 20% from its all-time highs in March 2024, predicting further declines possibly driven by market volatility and investor sentiment. At the time of writing, btc/bitcoin-price-settles-60k/” rel=”nofollow noopener” target=”_blank”>the price of cryptocurrency It is trading at $57,719, reflecting a weekly drop of 9.53%, according to CoinMarketCap.
Poppe more x.com/cryptomichnl/status/1785937868315128295?s=46″ rel=”nofollow” target=”_blank”>confirmed On May 2, bitcoin had largely completed its downtrend. He anticipates another drop of 5% to 10%, clarifying that it may take some time before the cryptocurrency recovers and returns to its level. btc/bitcoin-price-eyes-70k/” rel=”nofollow noopener” target=”_blank”>previous bullish momentum.
Sharing a price chart showing bitcoin/Tether (USDT) price movements from October 2023 to September 2024, Poppe highlighted special green zones between $56,000 and $58,000 to monitor. He explained that these levels could serve as crucial support zones for a possible rally if bitcoin/bitcoin-price-prediction-to-42000/” rel=”nofollow noopener” target=”_blank”>bitcoin price correction persists.
In spite of the btc/bitcoin-price-grinds-lower-62k/” rel=”nofollow noopener” target=”_blank”>pessimistic outlookhe bitcoin/standard-chartered-150000-bitcoin-price-target-year-end/” rel=”nofollow noopener” target=”_blank”>potential for a price rally could emerge if btc bottoms, as historically drops to lower levels have often preceded rallies.
Sharing a similar sentiment, cryptanalyst Ali Martinez has x.com/ali_charts/status/1785702387014905880?s=46″ rel=”nofollow” target=”_blank”>revealed that the bitcoin TD Sequential indicator on a 4-hour price chart was showing a buy signal. He predicts that a bounce lasting between one and four candles is expected for bitcoin.
Altcoins Prepare to Take Control as btc Plunges
In his post, Poppe revealed that during the bitcoin consolidation period, bitcoin-performance/” rel=”nofollow noopener” target=”_blank”>alternative currencies could see increased activity, potentially taking over the market until btc hits its all-time high. The crypto analyst x.com/youcefbenterkia/status/1785761239705993542?s=46″ rel=”nofollow” target=”_blank”>highlighted a recurring pattern, suggesting that bitcoin tends to suffer a price correction before the Federal Open Market Committee (bitcoin–crypto-fed-rate-move/” rel=”nofollow noopener” target=”_blank”>FOMC) meeting, with the price settling into a neutral position once the FOMC session concludes.
Poppe has stated that after the FOMC meeting he expects btc/bitcoin-price-nosedives-60k/” rel=”nofollow noopener” target=”_blank”>btc will consolidate and diverge while altcoins far outperform as rotation kicks in. x.com/cryptomichnl/status/1785741931412131970?s=46″ rel=”nofollow” target=”_blank”>He suggested that the current market condition characterized by the decline of btc makes it a favorable time for investors crypto-altcoins-parabolic-curve/” rel=”nofollow noopener” target=”_blank”>buy altcoins.
“bitcoin hit less than $57,000 before the FOMC, as tonight's FOMC is one of the largest of the year. I hope we hit rock bottom soon. Altcoins have already bottomed and I think that is where you will find the return on investment,” Poppe said.
x/aHCXCiEW/” alt=”Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc bulls regain control of price | Source: BTCUSD on Tradingview.com
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