Top crypto trader and analyst Michaël van de Poppe is bearish on the outlook for bitcoin, warning followers they should stop chasing rallies generated by news events.
In a YouTube update titled “Bitcoin Price Drops Heavily: What’s Next?!”, Van de Poppe told his followers to avoid pursuing an investment strategy that relied upon bitcoin’s sporadic price rallies.
In the update, first spotted by Daily Hodl, Van de Poppe criticized the recent media hype surrounding Elon Musk’s endorsement of bitcoin, calling its influence on the market a poor investment strategy.
He said,
Adjusting your portfolio towards what Elon Musk is saying or to whatever people are saying or to anything that you see because of what happened, and I know that it’s in the Dutch newspapers as well, is not the strategy. You should be defining your entries based on historical price movements.
Van de Poppe predicted bitcoin would slip below $30,000 over the coming month, with a pullback to $25k likely before resuming another bull run.
He continued,
In the short-term, I’m still expecting a correction to occur… We saw this big breakout towards $38,000. However, we are also not holding $34,500. In the higher timeframe view, we are not shifting at all.
The popular market analyst called a correction for bitcoin “very healthy” and organic for the investment landscape while predicting BTC’s price could make another rally in March.
Featured Image Credit: Photo via Pixabay.com
