Crypto analyst and trader Michaël van de Poppe says Bitcoin is likely to go through a significant correction before its next big rally can begin.
The strategist tells his 87,000 Twitter followers that BTC may retrace as much as 26% from its current levels in the weeks ahead. After that, he expects a fresh altcoin boom to begin.
I still believe BTC is due for a correction… One more correction towards $16,000 or $14,000 and then the real altseason and party can start.”
Van de Poppe is closely watching XRP to see where the third-largest cryptocurrency may head next.
He says XRP needs to hold onto the $0.635 level in order to prevent a big move to the downside.
“We see that we’ve had a very massive move upwards from $0.20 towards even $0.80 on several exchanges. We did make a nice break through which we can define two support levels on the daily time frame, which is around $0.30 and around $0.45…
We can see we are trying to break the resistance area here. However, if we want to sustain support, we have to hold above $0.635. If that sustains we might be continuing toward a new high, which might be $1.00. Losing $0.635 and the markets should be watching $0.45 to $0.47 as a new support zone.”