Market Sentiment: A Flawed Indicator
Crypto trader Michaël van de Poppe believes that sentiment is not a reliable indicator in market analysis. He cites recent examples where extreme optimism led to corrections, such as the one that followed Bitcoin’s ETF approval. Van de Poppe warns that emotions can cloud judgment and lead to poor trading decisions.
Correction Expected Before Bullish Continuation
Van de Poppe recommends waiting for a 20-40% correction from current prices before entering the Bitcoin market. He believes that a correction is likely due to negative macroeconomic events or a decrease in inflows.
Six-Digit Predictions
Despite the expected correction, Van de Poppe remains bullish on Bitcoin’s long-term prospects. He predicts that the cryptocurrency could reach six digits in the future, potentially hitting $100,000 in the next few months.
Current Market Conditions
At the time of writing, Bitcoin is trading at $52,206, up 10% in the past week. Van de Poppe believes that the market is currently peaking between $53-58,000 and expects a correction from there.
