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Bitcoin (BTC) at End of Correction, Top Analyst Suggests

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Wed, 1/05/2024 - 10:21
Bitcoin (BTC) at End of Correction, Top Analyst Suggests
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Bitcoin (BTC) is leading an intense market sell-off, one that has triggered a more than 7% slump in combined market cap, which is now pegged at $2.14 trillion. Bitcoin sufficiently closed April as its worst month since October 2023, however, top market analyst Michael van de Poppe is optimistic that Bitcoin is at the end of its correction.

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Bitcoin strained to limit

At the time of writing, Bitcoin’s price is changing hands for $56,949.15, down by 8.68% in 24 hours. According to the analyst, Bitcoin has dropped by 20% from its recent highs, and there may be more downsides ahead for the coin. 

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While a potential rebound is expected from this point, van de Poppe noted that if there is a further decline, then the $56,000 to $58,000 level will be an important close range to watch. Bitcoin dropped as low as $56,555, its worst price since at least Feb. 28.

Like other analysts and market voices, van de Poppe is optimistic about a major rebound for the leading cryptocurrency. While he did not issue a price target, there was a reversal projection in the short term.

Altcoins favored

While the market has been more brutal to Bitcoin, altcoin sell-off is visible across the board. Ethereum (ETH) fell as much as 8.95% to $2,886 as controversy within the EigenLayer protocol continues to weigh down sentiment.

The coin is at risk of being designated an investment contract by the United States Securities and Exchange Commission (SEC). If successful, the chances of securing approval for spot Ethereum ETF are low, a reality that is further dampening sentiment for the coin.

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Overall, Solana (SOL), Binance Coin (BNB) and XRP also nosedived by more than 7% each. To Michael van de Poppe, altcoins will likely rebound before Bitcoin.

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