A widely followed crypto analyst says Bitcoin (BTC) is approaching the lowest point of a brief downtrend due to the king crypto’s latest dip.
Crypto trader Michaël van de Poppe tells his 660,100 Twitter followers that BTC needs to flip back up before it goes even lower.
Needs to flip back up here, otherwise $28,500 scenario seems likely for Bitcoin.
Markets expecting a rate hike due to positive unemployment data.”
According to Van de Poppe, traders who jumped on BTC recently due to fear of missing out (FOMO) are likely feeling the pain of an instant correction, predicting BTC could go sub-$30,000 again.
“Typical FOMO buyers getting hit in an instant correction and we’re back to the chop on Bitcoin.
More sideways action likely, maybe even sweeping to $29,900.”
Van de Poppe also says BTC’s dip, which saw the top crypto by market cap fall from a 24-hour high of $31,480 to a 24-hour low of $30,070, a 4.5% decrease, is another one of BTC’s “low volatility movements.”
“Low volatility movements on Bitcoin are fun.”
Bitcoin is trading for $30,403 at time of writing, up 0.1% in the last 24 hours.