An analyst who anticipated a significant crypto correction in February is mapping out his key price levels for the top two digital assets by market cap.
In a new strategy session, Michaël van de Poppe highlights the fact that Bitcoin has historically witnessed red candles in February and March, with significant pullbacks unfolding this time of year in both 2018 and 2020.
The trader is now watching to see if Bitcoin maintains support between $50,800 and $52,500.
If BTC breaks below that region, van de Poppe says his personal “buy the dip” area is likely in the $32,000 to $38,000 region.
As for Ethereum, the analyst says he’s looking for a drop against Bitcoin (ETH/BTC) to the .032 to .029 area, which is currently at about $1,700 to $1,530.
Van de Poppe notes that the correction is healthy and the bull market structure still remains intact.
He’s also outlining what it would take for him to start worrying about the second-largest cryptocurrency’s price trajectory.
“It’s different than in the past months. In the past months, Bitcoin dropped and altcoins shot up. In this case we see that Bitcoin drops and altcoins drop along with Bitcoin, which means that that is a sign of weakness…
You don’t really want to see the price of Ethereum/Bitcoin drop below .023 [$1,220]. I do not expect that to happen.”
Bitcoin’s price briefly dropped to about $47,700 on Monday before quickly rebounding back above $50,000.
At time of publishing, Bitcoin is down 7.5% in the last 24 hours, at $53,203 according to CoinGecko. Ethereum is down 12.3%, at $1,722.
Featured Image: Shutterstock/camilkuo
The post As Bitcoin and Ethereum Tumble, Analyst Who Predicted Crypto Correction Plots Path Ahead appeared first on The Daily Hodl.