A popular crypto analyst says Bitcoin’s bearish price action could place a number of altcoins in a world of hurt in the short term.
In a new strategy session on the crypto markets, Michaël van de Poppe says he’s watching closely to see if BTC bulls can bring the top cryptocurrency back above $58,000.
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“You can point towards the $58,000 high. If that can’t really break and become support again, I’m assuming we’re going to have a further downwards move.”
In order to prevent that much larger move to the downside, Van de Poppe says the price of Bitcoin needs to hold an important support level at the $55,100 mark.
If BTC remains below that number, the analyst says altcoins that recently experienced big rallies will be especially vulnerable.
“If $55,000 does not provide support, I think the overall momentum that we just saw on altcoins with Chiliz (CHZ), Enjin (ENJ), Theta (THETA) – all those coins are going to have a very painful correction.
And a painful correction would mean that they can slam them down 50% to 60%.”
In the long-run, Van de Poppe remains bullish on the markets. He characterizes Bitcoin’s current retracement as a “happy correction” and a healthy part of an overall crypto bull market cycle.
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Featured Image: Shutterstock/Declan Hillman
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