Michael van de Poppe, an analyst and trader, is now bullish about digital assets after a major crypto market correction.
Van de Poppe told his 770.900 followers via the social media platform X, that altcoins had experienced a “capitulation”, as crypto assets valued at billions of dollar were liquidated due to the US imposing tariffs against Canada, Mexico, and China.
The widely respected analyst explains what the future holds for crypto markets following the significant correction.
Huge, illiquid wicks on the bottom.
“Quickly bounce up and then rally”
The widely-followed analyst says that the recent correction is similar to the crash of the cryptocurrency market in March 2020, when Bitcoin (BTC), a digital currency, lost around 60% of its worth in a matter of days due to the Covid-19 Pandemic. Altcoins were also impacted at that time.
After the correction Bitcoin and cryptocurrency ignited an uptrend lasting several years.
This feels like the COVID-19 Black Swan Crash, with the market seeing a wipeout of more than 50% on altcoins.
“We all know the outcome of what happened, and this is my thesis.”
According to cryptocurrency futures platform CoinGlass, approximately $2.27 billion in crypto was liquidated during the last 24 hours.
Van de Poppe believes that retail investors in crypto should follow the same strategies as deep-pocketed cryptocurrency investors.
Retail Investors have been Selling
The largest investors are buying.
“Be like the large investors: Buy Bitcoin and Altcoins, and Hold.”
Bitcoin currently trades at $101,103 as of the time this article was written.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Michael van de Poppe predicts quick bounce and rally for altcoins. Says larger investors are loading up on Bitcoin could be updated as new information becomes available.
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