A prominent crypto analyst and trader has claimed that the correction in Bitcoin and cryptocurrencies has come to an end following lawsuits filed against two of the world's largest crypto exchanges, Binance and Coinbase.
Michaël van de Poppe, who has more than 657,000 followers on Twitter, said in a series of tweets that the crypto sector aggregate market cap is still above the 200-week moving average (MA) and exponential moving average (EMA), which are key indicators of long-term trends. .
He also said that Binance, which is facing regulatory scrutiny and legal action from various countries including the US, UK, Germany, Japan and Singapore, has received an attack that could mark the bottom of the correction.
The correction is OVER.
— Michaël van de Poppe (@CryptoMichNL) June 6, 2023
He added that he expects Bitcoin to make another move at the lower levels to capture liquidity before returning above $26,100, which he sees as a crucial level.
He also suggested that case news could either trigger a new downtrend or mark the bottom of a correction. That said, the odds of the Coinbase news qualifying as a bottom in the market have increased significantly.
Finally, he said, the weekly chart of total market capitalization looks pretty good with a retest above the 200-week MA and EMA.
van de Poppe concluded by saying, “Correction ENDED”.
*Not investment advice.
