Trader Says Bitcoin Primed for More Downside Before ‘Up-Only Mode,’ Updates Outlook on Ethereum
Crypto trader Michaël van de Poppe suggests Bitcoin (BTC) may experience further declines before a bullish trend, potentially retesting the $108,000 level. Currently, Bitcoin is priced at $111,075, down 2.3% in the last 24 hours. He also forecasts Ethereum (ETH) could find a local bottom around $3,800, with a potential to reach five-figures this cycle. ETH is currently trading at $4,002, down 4.5% in the last 24 hours.
Crypto trader Michaël van de Poppe says that Bitcoin (BTC) may have a deeper correction before an explosive move to the upside.
Van de Poppe tells his 808,600 followers on X that Bitcoin may decline below its current $111,000 range before entering a period of bullish momentum.
Looking at his chart, the trader suggests Bitcoin may retest the level around $108,000 similar to late August.
Bitcoin is trading for $111,075 at time of writing, down 2.3% in the last 24 hours.
Next up, the analyst says that Ethereum (ETH) may form a local market bottom around the $3,800 level.
The analyst also predicts that ETH will hit five-figures this cycle and other altcoins may increase 400% from their current values.
ETH is trading for $4,002 at time of writing, down 4.5% in the last 24 hours.
