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A well-known crypto analyst said the current bulls Bitcoin could hurt some altcoins in the short term.
In a new strategy analysis video of the crypto market, analyst Michaël van de Poppe said he is watching closely to see if BTC bulls can bring the flagship cryptocurrency back above $ 58,000. or not.
You can head for the highs of $ 58,000. If that place really cannot be broken to become support again, I would expect a move to lower lower.
And to prevent a bigger bearish move, Van de Poppe said Bitcoin price need to hold critical support at $ 55,100.
If BTC falls below that number, the analyst says altcoins that have experienced major price spikes recently will be especially vulnerable.
If $ 55,000 doesn’t provide support, I think the overall dynamics we just saw on altcoins like Chiliz (CHZ), Enjin (ENJ), Theta (THETA) – all of those coins will have one. the adjustment is very painful.
And that one painful adjustment means they can be reduced by 50% to 60%.
However, in the long run, Van de Poppe remains optimistic for the cryptocurrency market. He describes Bitcoin’s current correction as a “welcome correction” and a “healthy” bull run across the crypto market.
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