Crypto trader and analyst Michael van de Poppe is maintaining his bearish stance on BTC even after the top cryptocurrency received support from billionaire Elon Musk.
Van de Poppe tells his 113,500 Twitter followers that chasing Bitcoin rallies based on news events is not the best investment strategy.
“Adjusting your portfolio towards what Elon Musk is saying or to whatever people are saying or to anything that you see because of what happened, and I know that it’s in the Dutch newspapers as well, is not the strategy. You should be defining your entries based on historical price movements.”
Van de Poppe says he expects BTC to dip below $30,000 in February, reaching a likely low in the $25,000 range before the bull run resumes in March.
“In the short-term, I’m still expecting a correction to occur… We saw this big breakout towards $38,000. However, we are also not holding $34,500. In the higher timeframe view, we are not shifting at all. We are still in this scheme where we are expecting [a] correction to occur as that is very healthy and organic for the markets.”
Although Van de Poppe is still expecting more downside potential for the flagship cryptocurrency, pseudonymous trader and analyst Capo believes that the BTC correction is now over.
“Another bear extinction is coming. Sideways to trap some shorts and to scare some longs at these levels (funding reset), then up.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox