Crypto analyst Michaël van de Poppe says the Bitcoin (CRYPTO: BTC) correction is likely not yet over and could drop further before the leading crypto asset can show signs of recovery.
In his latest YouTube session, Van de Poppe says the largest cryptocurrency could surge between 25%-50% once BTC regains its bullish momentum. Although in the immediate future he expects Bitcoin to continue its pullback.
“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 to keep the momentum going,” says Van de Poppe.
“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,” he adds.
On Ethereum (CRYPTO: ETH) 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,” says Van de Poppe.
Van de Poppe added during the session, “So right now, I’m not interested too much yet into altcoins…The chances will be there, but Bitcoin is first taking the exact spot at this point.”
Also Read: Crypto Analyst Michaël van de Poppe Says Bitcoin Will Hit This Six-Figure Price After Blowing Past $63,000