A widely followed crypto analyst is warning Bitcoin (BTC) traders that a correction may be on the horizon as the king crypto blasts through $26,000.
Crypto trader Michaël van de Poppe tells his 652,200 Twitter followers he wants to see if BTC can hold the $25,900 price level today.
“Great move on Bitcoin, broke through crucial $25,000 and attacking the yearly highs.
On lower timeframes, I’m watching whether $25,900 can sustain today for support.
If it can’t, harsh correction might be it.
If we can, $28,000-$30,000 is next -> potential shorts.”
With BTC trading for $26,453 at time of writing, Van de Poppe wants Bitcoin to hold these levels or go higher to confirm a rally to $30,000.
“Bitcoin continued to hold above $25,900 and is printing a new high, almost.
Needs to continue pushing, and when we do $28,000-$30,000 is next.
This push needs to happen coming hours, otherwise bearish divergences and potential reversal.
Interesting volatility.”
Van de Poppe warns that if BTC can’t hold $26,000 today, he expects Bitcoin to fall to the $25,000 price zone.
“Chopperino land on Bitcoin, which means that we’ll probably have some sideways structures.
Needs to hold $26,000. If that holds, $28,000-30,000 is next.
If it loses $26,000, I’m punting around $25,000 for some longs.
Relatively easy to understand.”
According to the analyst, BTC may still be in for some corrections before it’s all said and done.
“It seems we’re in for some slight corrections on the markets for Bitcoin.”
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Featured Image: Shutterstock/Garan Julia/Aleksandr Kovalev
