SUQIAN, CHINA - AUGUST 18, 2023 -Jiangsu Province, China. In a YouTube video this week, the analyst outlined the possibilities of a final correctionin the cryptocurrency's value, urging long-term investors to seize the impending opportunity to increase their Bitcoin holdings. PHOTO BY COSTOFOTO/GETTY IMAGES
What Happened: In a YouTube video this week, the analyst outlined the possibilities of a “final correction”in the cryptocurrency’s value, urging long-term investors to seize the impending opportunity to increase their Bitcoin holdings.
Van de Poppe said he anticipates a dip of about 10% from Bitcoin’s current value, calling it the “final correction.”
He also said he perceives this potential downturn as a pivotal moment for long-term Bitcoin enthusiasts to increase their investments in the cryptocurrency.
As Bitcoin hovers around the $25,000 mark, the analyst brought attention to the forthcoming developments in the crypto space, including announcements on Bitcoin’s spot ETFs (exchange-traded funds) and the expected introduction of ETH Futures ETFs in three to four weeks.
He also noted the current applications for spot ETH ETFs, expressing a strong belief in their eventual approval.
Van de Poppe predicted that a market correction that could see Bitcoin values plummeting to levels between $23,000 and $24,000, particularly if it descends below the critical threshold of the 200-week exponential moving average (EMA), which presently stands at approximately $24,689.
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Despite the potential dip, Van de Poppe said he remains bullish about Bitcoin’s long-term prospects. He emphasized the growing institutional interest in the crypto market, suggesting a robust future.
“We can expect the markets to have a final correction. But this correction is the final one, which means that if we go to $23,000 or $24,000 when we close beneath the 200-week EMA, I think that’s the final one you want to watch,” he said. “Because with the fact that institutions are jumping into the markets, you should realize the markets are a must-buy opportunity overall for the long term.”
At the time of writing, Bitcoin was trading at $25,896.88, up by one percent in the last seven days.
Produced in association with Benzinga
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