A widely followed crypto analyst is imagining several different scenarios for Bitcoin (BTC) after the crypto king plunged 4.5% in a week.
Cryptocurrency trader Michaël van de Poppe says his 660,800 Twitter followers that BTC is likely to look lower before rallying.
“Probably tons of volatility and still very likely that we are seeing a bitcoin sweep case.
Looking at the recovery to $30,200-30,400 if we are to go higher.”
Yesterday, the analyst made a similar prediction on BTC’s radical lows before rallying.
“By not breaking the crucial area, it looks like we are going to have another low sweep for Bitcoin.”
According to Van de Poppe, the plan BTC still has to reach the $28,500 level before it recovers, according to its latest charts.
“The plan, if Bitcoin doesn’t get $30,300 back.”
Alternatively, the analyst can imagine a scenario in which BTC has already reached its lowest point. In that case, according to Van de Poppe, traders with plans to buy BTC at $29,000 will simply be left behind.
“Imagine Bitcoin breaks above $30,400 and leaves all $29,000 buyers behind.”
BTC is worth $29,844 at the time of writing, down 0.5% over the past day.
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