Experienced cryptocurrency analyst Michaël van de Poppe offered important views on Bitcoin and the general crypto market in his latest statement.
According to the analyst, when the current total cryptocurrency market value is examined, after a decrease of 3% to 7%, the decline period may end and an upward trend may begin.
The analyst added that he expects a jump in BTC pairs next week.
According to Van de Poppe, the monthly closing in Bitcoin is about to occur and the FOMC meeting will be held tomorrow to announce the interest rate decision, these are among the developments that will shape the market.
The analyst said that BTC price will fall below $60,000 and there could potentially be a decline to $55,000 to $58,000.
Van de Poppe claims that after this decline, a bottom will be found and a reversal will occur. Then, he thinks, a wave of hype around Ethereum will take over the momentum in May.
According to the analyst, the following developments will be effective in creating a potential bottom level in BTC:
- interest rate decision
- US unemployment data
- The hearing where the sentence of former Binance CEO Changpeng Zhao was determined.
Changpeng Zhao's sentence was announced today, and CZ received a 4-month prison sentence, which was much lower than expected.
However, the analyst claims that we are close to altcoin pairs rebounding strongly.
*This is not investment advice.