Crypto trader updates outlook on Bitcoin and Ethereum, says BTC correction is in “final stages”
A widely followed crypto analyst says Bitcoin's (BTC) recent consolidation may now have an end in sight.
Crypto trader Michaël van de Poppe tells his 686,100 followers on social media platform X that BTC volatility is decreasing.
“Bitcoin is nearing the final stages of this correction.
From here we see a decrease in volatility as markets have seen a 20% correction in 10 days.
The range low is still $36,000-$39,000 and upward momentum towards the halving is likely from here.”
Source: Michael van de Poppe/X
The BTC halving is an event that halves BTC miners' rewards, thereby reducing the amount of new supply entering the market. The next halving is predicted for April 2024.
According to Van de Poppe, the recent approval of spot BTC exchange-traded funds (ETFs) is likely to soon have a positive impact on the Bitcoin price.
“Markets need to assess the impact of the ETF more accurately.
There may be some selling pressure in the short term, but in the long term there will be enormous amounts of new money flowing into the markets from new participants.
As a result, Bitcoin could reach a higher value than we think this cycle.”
At the time of writing, BTC is worth $39,676.
Looking at Ethereum (ETH), Van de Poppe predicts that the leading smart contract platform will also gain momentum in the coming weeks.
“The momentum towards ETH will likely come in the next few weeks.
Arguments:
– Bitcoin reaching the bottom is a trigger for a new upswing in altcoins.
– Ethereum spot ETF hype.
– Ethereum Introduces New Upgrades to Reduce Costs by 90%.”
Source: Michael van de Poppe/X
At the time of writing, ETH is worth $2,186.
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