Bitcoin Correction Expected to Continue, Not Yet Over
Van de Poppe, a prominent crypto analyst, expects the current Bitcoin correction to persist, but not yet complete. He believes the cryptocurrency could drop further before showing signs of recovery.
Key Insights:
- The Fibonacci extension tool indicates that the previous high, low, and key figures (57,000, 59,000, and 57,000) will be the area to watch for sustained recovery.
- Van de Poppe expects Bitcoin to continue its pullback, with a possible 25%-50% surge between 25% and 50% of its current price.
- The daily time frame suggests that the next impulse wave could bring prices back towards $75,000, with a slight bearish divergence and reversal.
- Ethereum against Bitcoin (ETH/BTC) is expected to move above 0.066 BTC ($4,012) before taking entries, with a potential long position if the pair reaches this level.
- Van de Poppe is cautious about altcoins, but believes they will be taken in if the Bitcoin price drops below 0.061 BTC ($3,709) or 0.051 BTC ($3,101).
**Technical Analysis: