Trader Says Bitcoin Primed for More Downside Before ‘Up-Only Mode,’ Updates Outlook on Ethereum
Crypto trader Michaël van de Poppe says that Bitcoin ( BTC ) may have a deeper correction before an explosive move to the upside.
Van de Poppe tells his 808,600 followers on X that Bitcoin may decline below its current $111,000 range before entering a period of bullish momentum.
“I would assume that we’ll be going to get some more downside and then we’re done for the current period, meaning that we’ll be in up-only mode.”
Source: Michaël van de Poppe/X
Looking at his chart, the trader suggests Bitcoin may retest the level around $108,000 similar to late August.
Bitcoin is trading for $111,075 at time of writing, down 2.3% in the last 24 hours.
Next up, the analyst says that Ethereum ( ETH ) may form a local market bottom around the $3,800 level.
“I don’t think there’s much more downside to come. Would suggest that the green zone is where we’ll be bottoming out. Perhaps another 5% drop on ETH and that should be it.”
Source: Michaël van de Poppe/X
The analyst also predicts that ETH will hit five-figures this cycle and other altcoins may increase 400% from their current values.
“It’s near the bottom on altcoins and ETH. What’s next? ETH at $10,000. Altcoins to go 3-5x. It’s not the end of the bull market, it’s the start of the bull market and recent listings have shown proof of this.”
ETH is trading for $4,002 at time of writing, down 4.5% in the last 24 hours.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ETH Whale Resumes Buying Spree After Market Dip
Major ETH whale withdraws $119M in ETH from Binance after borrowing $85M USDT, signaling renewed buying interest.Massive Borrowing and ETH Withdrawal from BinanceWhat It Means for Ethereum and the Market
How Platforms Endorsed by Regulators Are Transforming Clean Energy Markets: Ushering in Greater Transparency and Market Fluidity
- CFTC-approved CleanTrade platform addresses fragmented clean energy markets by enabling transparent trading of vPPAs, PPAs, and RECs with $16B in notional value within two months. - Integration with REsurety's CleanSight analytics and S&P Global benchmarks reduces financial risks and establishes pricing standards, attracting institutional investors seeking accountability. - The platform's success signals maturing clean energy markets, democratizing access and aligning financial flows with decarbonization
Clean Energy Derivatives: Pioneering the Next Era of Commodity Markets
- Clean energy derivatives market is projected to grow from $39T to $125T by 2032, driven by institutional adoption and CFTC-approved platforms like CleanTrade. - CleanTrade, a CFTC-sanctioned SEF, addresses market opacity by enabling transparent, liquid trading of VPPAs and other clean energy contracts. - High-profile transactions like Cargill-Mercuria trades validate the platform, while policy incentives and ESG alignment accelerate institutional investment in renewables. - Regulatory advancements and in
Strategic advancements in infrastructure and regulatory frameworks enhance liquidity in clean energy markets and improve PPA risk management
- Corporate demand for renewable energy drives PPA growth, with 83% of 2024 European PPAs led by tech giants like Google and Amazon . - EU regulations like CBAM and CSRD enforce 24/7 carbon-free energy standards, pushing 70% of companies to modernize PPA strategies with GOs. - Strategic infrastructure innovations, including long-duration storage and hybrid gas-clean energy models, address intermittency and grid stability. - Aggregated/virtual PPAs and EIB's €500M pilot program lower barriers for SMEs, expa
Trending news
MoreCrypto prices
More
