A much-followed crypto analyst says that Bitcoin (BTC) is nearing the bottom of a short downtrend following the latest dip in the king crypto.
Crypto trader Michael van de Poppe tells are 660,100 Twitter followers that BTC needs to back up before it goes even lower.
“The lows are being reached again.
Must go up again here or the $28,500 scenario looks likely for Bitcoin.
Markets are expecting an interest rate hike because of positive unemployment numbers.”
According to Van de Poppe, traders who jump on BTC recently due to fear of missing out (FOMO) likely feeling the pain of an immediate correction, predicting that BTC could go back below $30,000.
“Typical FOMO buyers are hit in an instant correction and we are back to the chop on Bitcoin.
More sideways action likely, maybe even going up to $29,900.
Van de Poppe too say BTC’s dip, with the top crypto falling by market cap from a 24-hour high of $31,480 to a 24-hour low of $30,070, down 4.5%, is another of BTC’s “low volatility moves”.
“Low volatility moves on Bitcoin are fun.”
Bitcoin is trading at $30,403 at the time of writing, up 0.1% over the past 24 hours.
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