Trader Says Bitcoin Primed for More Downside Before ‘Up-Only Mode,’ Updates Outlook on Ethereum
Crypto trader Michaël van de Poppe says that Bitcoin ( BTC ) may have a deeper correction before an explosive move to the upside.
Van de Poppe tells his 808,600 followers on X that Bitcoin may decline below its current $111,000 range before entering a period of bullish momentum.
“I would assume that we’ll be going to get some more downside and then we’re done for the current period, meaning that we’ll be in up-only mode.”
Source: Michaël van de Poppe/X
Looking at his chart, the trader suggests Bitcoin may retest the level around $108,000 similar to late August.
Bitcoin is trading for $111,075 at time of writing, down 2.3% in the last 24 hours.
Next up, the analyst says that Ethereum ( ETH ) may form a local market bottom around the $3,800 level.
“I don’t think there’s much more downside to come. Would suggest that the green zone is where we’ll be bottoming out. Perhaps another 5% drop on ETH and that should be it.”
Source: Michaël van de Poppe/X
The analyst also predicts that ETH will hit five-figures this cycle and other altcoins may increase 400% from their current values.
“It’s near the bottom on altcoins and ETH. What’s next? ETH at $10,000. Altcoins to go 3-5x. It’s not the end of the bull market, it’s the start of the bull market and recent listings have shown proof of this.”
ETH is trading for $4,002 at time of writing, down 4.5% in the last 24 hours.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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