Bitcoin

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 After a week of falling prices for crypto led by Bitcoin (BTC), a widely-followed analyst says the bottom is nearly in.
 Crypto trader Michaël van de Poppe&nbsp;warns&nbsp;his 715,600 followers on the social media platform X that it could still take some time for BTC to recover from falling nearly 7% in the last two weeks.
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 “It’s&nbsp;going to take a while for Bitcoin.
 However, most of the downside&nbsp;is done.&nbsp;
 There might be another 5-10% correction, but from here, altcoins&nbsp;are going to&nbsp;take over until Bitcoin breaks the all-time high.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GMjtBf2WUAAhez-?format=png&amp;name=large" alt="" width="1063" height="499">
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 Source: Michaël van de Poppe/X
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 BTC is worth $59,290 at time of writing, up 4% in the last 24 hours.
 Pulling back the curtain on altcoins, Van de Poppe&nbsp;says&nbsp;this slump should&nbsp;be expected&nbsp;after the long hibernation of a bear market.
 “Sentiment is on the ground, retail&nbsp;isn’t&nbsp;here&nbsp;and&nbsp;the expectations are that the markets will solely continue to fall down.&nbsp;
 That’s&nbsp;entirely expected&nbsp;after the longest bear market for altcoins, which has been taking place for 2.5-3 years.”
 Looking specifically at the Ethereum (ETH) layer-2 altcoin Optimism (OP), the analyst remains optimistic&nbsp;about the&nbsp;token’s&nbsp;future.
 “One of the strongest performers since the last low; OP.
 It’s&nbsp;up more than 50% already.
 Expecting to continue running in the coming period, every 20-30% dip is an opportunity to scoop some more.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GMjuJ1uXsAAOfom?format=png&amp;name=large" alt="" width="1063" height="499">
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 Source: Michaël van de Poppe/X
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 OP is worth $2.77 at time of writing, up 9% on the day.
 Focusing on the leading altcoin by market cap&nbsp;Ethereum, the crypto analyst&nbsp;thinks&nbsp;ETH could drop to $2,500 before rallying.
 “Ethereum might&nbsp;be dropping&nbsp;to the $2,500 area for the most optimal play.
 Personally, I don’t think the markets are going to be having such a heavy correction.&nbsp;
 Most of the downside is already in.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GMjtuCLX0AAEJI3?format=png&amp;name=large" alt="" width="1063" height="499">
 <figcaption id="caption-attachment-190710" class="wp-caption-text">
 Source: Michaël van de Poppe/X
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 ETH is trading for $2,997 at time of writing, up 4% since yesterday.
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As Crypto Prices and Sentiment Fall, One Analyst Says Bitcoin’s Back Slide Is Almost Over

TheBitTimes

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