Bitcoin, the top crypto, has taken a hit lately. But crypto analyst Michael van de Poppe thinks the worst might be over.
Bitcoin’s Correction Nearing Its End
Poppe says Bitcoin is about to wrap up its correction phase, which means it could be close to hitting a bottom.
He notes that Bitcoin is down 20% from its record high in March 2024. Poppe predicts it could dip a bit more, maybe 5-10%. But he also says it might take some time for Bitcoin to bounce back.
Poppe has identified support zones between $56,000 and $58,000. If Bitcoin keeps dropping, these levels could help it find support and start moving back up.
Altcoins May Shine as Bitcoin Dips
While Bitcoin is down, altcoins (other cryptos) could get a boost. Poppe says altcoins often perform well when Bitcoin is consolidating.
He expects altcoins to outperform Bitcoin after the Federal Open Market Committee (FOMC) meeting. The FOMC meeting often affects Bitcoin’s price, but Poppe thinks it will settle down after the meeting and altcoins will take the spotlight.
Poppe advises investors to consider buying altcoins while Bitcoin is down. He believes this could be a good time to get a good return on investment.
