A widely followed crypto trader maintains positive sentiment on Bitcoin (BTC), despite the king crypto falling 3.6% in the past 24 hours.
Amid the market-wide price drop of crypto, trader Michaël van de Poppe tells are 663,200 X followers that will be proving for BTC in the coming days.
“Below $29,700 is not a party for Bitcoin, so we have dropped to the next support region.
Deviation or continuation?
That is the question for the next few days.”
BTC is worth $27,995 at the time of writing, nose diving and bringing the rest of the markets down with it, in the past 24 hours.
With a touch of sarcasm, Van de Poppe jokes that the drop means BTC is tumbling all the way down $12,000.
Basically, since Bitcoin dropped $200, the next thing is $12,000…
Bitcoin already at $12,000?”
On a more serious note, the trader sees plenty of reasons to be optimistic about BTC. First, Coinbase was ordinary approved by the National Futures Association (NFA) for crypto futures.
“Coinbase getting NFA approval for crypto futures is extremely positive for the Bitcoin and crypto markets.”
Van de Poppe too points to Grayscale to continue hiring more exchange-traded fund (ETF) team members as a good sign for Grayscale in its lawsuit against the US Securities and Exchange Commission (SEC).
“While Open Interest is on the rise, we get some interesting news.
Grayscale wins case against SEC for Bitcoin ETF?
Don’t Miss Out – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Featured image: Shutterstock/antishock/Natalia Siiatovskaia