Crypto analyst Michaël van de Poppe says Bitcoin (BTC) could witness one last steep downward move.
In a new video, Van de Poppe tells His 162,000 YouTube subscribers were convinced that Bitcoin could fall by around 10% from current levels before the ‘last correction’.
According to the analyst, long-term Bitcoin bulls should see the correction as an opportunity to add to their BTC stacks.
“Bitcoin is currently at $25,000…
We have a delay on the spot ETFs (exchange traded funds) for Bitcoin. We will receive an announcement for the ETH Futures ETFs in about three to four weeks. Spot ETH ETFs are also used [for] right now, so it’s only a matter of time before they’re approved…
So yes, we can expect the markets to undergo a final correction. But this [correction] is the last one, which means if we go to $23,000 or $24,000 when we close below the 200-week EMA (exponential moving average), I think this is the last one you want to look at. Because with institutions getting into the markets, you have to realize that the markets are generally a long-term buying opportunity.”
Bitcoin is trading at $25,827 at the time of writing.
While Van de Poppe believes a correction is possible, he notes that Bitcoin bulls could strengthen if the crypto king manages to stay above the 200-week EMA.
“If we close above the 200-week EMA this weekend and next week, that is a trigger that we will continue to rise from there.”
At the time of writing, the 200-week EMA is hovering around $24,689.
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Generated image: Midjourney