Crypto analyst Michaël van de Poppe says that Bitcoin (BTC) could witness one last steep move to the downside.
In a new video, Van de Poppe tells his 162,000 YouTube subscribers that Bitcoin could fall by up to around 10% from current levels for the “final 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’ve got a delay on the spot ETFs (exchange-traded funds) for Bitcoin. We are getting an announcement for the ETH Futures ETFs in approximately three to four weeks from now. Spot ETH ETFs are also being applied [for] at this point, so it’s a matter of time before they will be approved…
So yes, we can expect the markets to have a final correction. But this [correction] is the final one, which means that if we go to $23,000 or $24,000 when we close beneath the 200-week EMA (exponential moving average), I think that’s the final one you want to watch. Because with the fact that institutions are jumping into the markets, you should realize the markets are a must-buy opportunity overall for the long term.”
Source: Michaël van de Poppe/YouTube
Bitcoin is trading at $25,827 at time of writing.
Although Van de Poppe believes that a correction is within the realm of possibility, he notes that Bitcoin bulls could step up if the crypto king manages to stay above the 200-week EMA.
“If we’re going to close above the 200-week EMA this weekend and next week, it is a trigger that we’re going to continue going up from there.”
At time of writing, the 200-week EMA is hovering at around $24,689.
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