- Bitcoin’s (BTC) price correction could extend into the $44,000 range and last for several weeks.
- While BTC is correcting, van de Poppe sees Ethereum and Polkadot as two great options to buy the dip.
While Bitcoin is going through a 10% correction and the rest of the market is following the trend, trader Michaël van de Poppe has published a video for investors who want to make profits with altcoins. To make 20x or 50x, the trader recommends focusing on altcoins that will rise all the more once the correction ends.
Looking at the Bitcoin chart, van de Poppe explained that the cryptocurrency could fall to $49,000. In a bullish scenario, the trader believes that investors should keep an eye on the $53,000 zone. If BTC manages to reach this level, the price “could stay there for several weeks.” At that point, there could be major movement in the altcoin market, the trader noted:
We are going to see this period of sideways movement in Bitcoin will last for several weeks (…). We will probably see people not be interested in Bitcoin because it won’t be doing anything, that’s the period when you will want to focus on the crypto market because the opportunities will line up. If you want to make 20x or 50x gains, get those coins when the market is falling.
If Bitcoin does not rise to $53,000 or $54,000, van de Poppe’s plan would “fail.” BTC would then fall towards the mid $44,000 range. According to the trader, there would then be another opportunity to buy the dip of specific altcoins. While calling the current price action “very healthy,” van de Poppe said that the fall below $44,000 is something “you don’t want to see” as this could signal a prolonged downtrend.
Ethereum and Polkadot could outperform Bitcoin
Ethereum will be a cryptocurrency with “interesting points” in the midst of Bitcoin’s correction, the trader stated while revealing that he will take advantage of the downtrend to acquire more ETH. He added that he “expects a lot from this project.”
As van de Poppe analyzed, Ethereum has failed to break above its resistance level at $1,800 and took on a bearish trajectory as it fell below support at $1,700. The next support stands at $1,400. The trader expects ETH to oscillate in the mid to upper range of $1,500 and then move up to $1,660. If the price falls again, $1,300 would become a critical support. Also losing this would imply a possible pullback to prices ETH it had at the beginning of the year.
On the other hand, Polkadot could present “low levels in general”. The trader pegged $23.20 and $20.89 as possible targets. In an ETH-like price action, DOT could touch that support zone before resuming its rally. Then, the cryptocurrency could move higher to descend again and build momentum towards new highs.
All in all, van de Poppe’s sentiment remains bullish as Bitcoin registers a high level of institutional adoption while the approval of an ETF could give it a further boost.