Cryptocurrency analyst Michaël van de Poppe shared his views on Bitcoin‘s current trend and the potential impacts on the general market. He stated that Bitcoin is in a standard correction process observed before the Federal Open Market Committee (FOMC) activities. He mentioned that this correction could affect the consolidation of various altcoins in the crypto space.
Van de Poppe predicts that the correction in Bitcoin is typically a precursor to the FOMC’s activities and anticipates a recovery on the horizon within the next 24 hours. This pattern is consistent with historical market behaviors where investors usually adopt a cautious approach before major economic events.
According to Bitcoin analyst Van de Poppe, the effects of the FOMC are expected to resonate in the crypto world, which could lead to a brief pause and consolidation. BTC has been moving above the $40,000 level for some time, and at the time of writing, BTC’s price is $41,213.
While Bitcoin is in the correction phase, Van de Poppe points out that the market’s interest is shifting towards the Ethereum network. He expects a rotation in Ethereum, one of the significant players in the crypto market.
Focusing on Ethereum’s movement as the leader of altcoins highlights the interconnected nature of various digital assets and suggests the potential for a ripple effect across altcoins. Van de Poppe summarizes his overall theory about Bitcoin’s current price structure and expects a rally for Bitcoin in the range of $48,000 to $50,500, which would be consistent with the typical pattern observed before every halving cycle.