The 2023 Bitcoin and Ethereum rally is not over yet, according to Popular Analyst – here is his outlook

A well-known analyst believes that Bitcoin (BTC) and Ethereum (ETH) turnarounds are likely to continue this year, despite the recent correction in the broader crypto markets.

In a new YouTube video, analyst Michaël van de Poppe tells his 163,000 subscribers that he sees Bitcoin dropping as low as $26,600 before resuming its uptrend.

“Bitcoin will reach a level that we need to maintain. In this case, we need to consider anything between $26,600 and $28,000 as potential entry zones. These have to pay for themselves. If we do that we can just keep going (the uptrend) and you know it will take time for the markets to bounce back.”

Bitcoin bulls need to clear a key resistance level to signal the end of the corrective move, according to Van de Poppe.

“Same age, same age for bitcoin.

Is unable to break $27,800 as a resistance point.

Would look for a bounce of the lows until we can have a bounce.

However, $27,800 is crucial for a trend reversal, not $28,800.”

Source: Michael van de Poppe/Twitter

At the time of writing, Bitcoin is trading at $27,547.

As for Ethereum, Van de Poppe believes that ETH is still in a macro uptrend as long as it trades above a crucial support level on the weekly timeframe.

“Based on the weekly timeframe…we are still in the uptrend. Even if we have a corrective move all the way to the $1,800 level, we could argue that we are still in the uptrend and that the rally is not over yet.”

At the time of writing, Ethereum is worth $1,844.

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