A widely followed crypto analyst is warning Bitcoin (BTC) traders that a correction may be on the horizon as the king of cryptocurrencies tops $26,000.
Cryptocurrency trader Michaël van de Poppe says His 652,200 Twitter followers want to see if BTC can hold the $25,900 price level today.
“Big move in Bitcoin, broke above crucial $25,000 and attacked yearly highs.
On lower time frames, I am seeing if $25,900 can hold as support today.
If it can’t, it could be a harsh correction.
If we can, $28,000-$30,000 is next -> possible shorts.”
With BTC trading for $26,453 at the time of writing, Van de Poppe wants Bitcoin to hold these levels or go higher to confirm a rally to $30,000.
“Bitcoin continued to hold above $25,900 and is printing a new high, almost.
He needs to continue to push, and when we do $28,000-$30,000 that’s next.
This momentum needs to happen in the next few hours, otherwise there will be bearish divergences and a possible reversal.
Interesting volatility”.
they go from pope warns that if BTC cannot hold $26,000 today, expect Bitcoin to drop to the $25,000 price zone.
“Chopperino lands on Bitcoin, which means we will probably have some side structures.
You need to have $26,000. If that holds up, the next is $28,000-30,000.
If he loses $26,000, I’ll bet around $25,000 on some longs.
Relatively easy to understand.”
According to the analyst, BTC may still be around at some point corrections before all is said and done.
“Looks like we are in for some slight corrections in the Bitcoin markets.”
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Featured image: Shutterstock/Garan Julia/Aleksandr Kovalev
