Trader Michael van de Poppe believes that after the collapse to $ 42 thousand, bitcoin will begin to recover and reach $ 69 thousand by the end of this year – early next year. According to the analyst, the first cryptocurrency has a chance to start a V-pattern recovery, hitting a low since the end of September. Writes about this RBC Crypto.
Also van de Poppe approvesthat the value of bitcoin within the framework of the current correction should not fall below 40% of the historical maximum ($ 41.5 thousand).
Overall, this should be the low of a standard 30-40% correction in the markets.
However, corrections are super wicky the past few years in #Bitcoin as there’s such a massive amount of leverage in the markets.
Through that, we overshoot.
But all good, should be done now.
— Michaël van de Poppe (@CryptoMichNL) December 4, 2021
Despite the collapse of the cryptocurrency to $ 42 thousand, the trader surethat the asset is still in a bull market.
We’re still in a bull market.
— Michaël van de Poppe (@CryptoMichNL) December 4, 2021
On the morning of December 4, the price of bitcoin did not drop to $ 42 thousand (a fall of more than 20%). Amid the collapse of the first cryptocurrency, the total capitalization of the digital asset market fell to $ 2.3 trillion. Also, a sharp collapse in quotations caused massive liquidations of traders’ positions for $ 2.5 billion. On December 6, Bitcoin is traded at $ 48 thousand. Over the month, the asset has fallen in price by 21%.
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