Analyst Warns More Downside Likely for Bitcoin and Ethereum, With One Altcoin Far Outperforming the Competition
Analyst and trader Michaël van de Poppe is warning that the top two crypto assets by market cap may have deeper corrections as markets trade lower with new US data showing a rise in inflation. Van de Poppe tells his 795,100 followers on the social media platform X that after Bitcoin (BTC) printed new all-time highs and Ethereum (ETH) surged into the $3,000 range, the digital assets will likely start trending lower based on historical precedent. “Classic move on the markets here. Likely we’re going to be seeing some more downside on Bitcoin and Ethereum to squeeze out the longs. Remember: volatility goes up, price goes up. This means harsh corrections are around the corner.” Source: Michaël van de Poppe/X Looking at his chart, the analyst suggests ETH may decline to the $2,750 level before a trend reversal. Bitcoin is trading for $116,947 at time of writing, down 5% from its all-time high of $122,838 on Monday. Meanwhile, Ethereum is trading fo...