FOMC

Bitcoin

<a href="https://www.newsbtc.com/news/bitcoin/if-history-rhymes-bitcoin-price-next-6-months/" rel="nofollow noopener" target="_blank">Bitcoin</a>, the world’s largest cryptocurrency, is experiencing a massive downturn. However, popular crypto analyst, <a href="https://bitcoinist.com/bitcoin-halving-investors-btc/">Michael van de Poppe </a>has predicted that the cryptocurrency may be at the end of its correction, foreseeing potential upsides following a <a href="https://www.newsbtc.com/news/bitcoin/elliot-wave-theory-bitcoin-top/" rel="nofollow noopener" target="_blank">price bottom.&nbsp;</a> 
<h2 id="analyst-suggestsbitcoin-bottom-closing-in">Analyst Suggests&nbsp;Bitcoin Bottom Closing In</h2> 
In an X (formerly Twitter) post on Wednesday, May 1, Poppe <a href="https://x.com/cryptomichnl/status/1785564391141757222?s=46" rel="nofollow" target="_blank">declared</a> that Bitcoin was at the end of its correction phase, <a href="https://x.com/cryptomichnl/status/1785575057244254302?s=46" rel="nofollow" target="_blank">suggesting</a> that the cryptocurrency’s anticipated bottom was finally closing in.&nbsp; 
The crypto analyst disclosed that BTC was down by 20% from its all-time highs in March 2024, predicting further declines possibly driven by market volatility and investor sentiment. As of writing, <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-settles-60k/" rel="nofollow noopener" target="_blank">the price of the cryptocurrency</a> is trading at $57,719, reflecting a weekly decline of 9.53%, according to CoinMarketCap. 
Poppe further <a href="https://x.com/cryptomichnl/status/1785937868315128295?s=46" rel="nofollow" target="_blank">confirmed</a> on May 2 that Bitcoin had largely completed its downward trend. He anticipates another 5% to 10% dip, clarifying that it may take some time before the cryptocurrency recovers and gets back to its <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-eyes-70k/" rel="nofollow noopener" target="_blank">previous bullish momentum.&nbsp;&nbsp;</a> 
Sharing a price chart depicting Bitcoin/Tether (USDT) price movements from October 2023 to September 2024, Poppe highlighted special green zones between $56,000 and $58,000 to monitor. He explained that these levels could serve as crucial support zones for a potential upside if <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-prediction-to-42000/" rel="nofollow noopener" target="_blank">Bitcoin’s price correction persists.&nbsp;</a> 
Despite the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-grinds-lower-62k/" rel="nofollow noopener" target="_blank">pessimistic outlook</a>, the <a href="https://www.newsbtc.com/news/bitcoin/standard-chartered-150000-bitcoin-price-target-year-end/" rel="nofollow noopener" target="_blank">potential for a price rebound</a> could emerge if BTC hits its bottom, as historically declines to lower levels have often preceded upsides. 
Sharing a similar sentiment, crypto analyst, Ali Martinez has <a href="https://x.com/ali_charts/status/1785702387014905880?s=46" rel="nofollow" target="_blank">revealed</a> that Bitcoin’s TD Sequential indicator on a 4-hour price chart was displaying a buy signal. He predicts that a rebound lasting between one to four candlesticks is expected for Bitcoin.&nbsp; 
<h2 id="altcoins-set-to-take-over-as-btc-plummets">Altcoins Set To Take Over As BTC Plummets</h2> 
In his post, Poppe revealed that during Bitcoin’s period of consolidation, <a href="https://www.newsbtc.com/altcoin/altcoin-season-bitcoin-performance/" rel="nofollow noopener" target="_blank">altcoins</a> could see increased activity, potentially taking over the market until BTC breaks all-time high. The crypto analyst <a href="https://x.com/youcefbenterkia/status/1785761239705993542?s=46" rel="nofollow" target="_blank">highlighted</a> a recurring pattern, suggesting that Bitcoin tends to undergo a price correction before the Federal Open Market Committee (<a href="https://www.newsbtc.com/news/fomc-preview-bitcoin-crypto-fed-rate-move/" rel="nofollow noopener" target="_blank">FOMC</a>) meeting, with the price settling into a neutral position once the FOMC session concludes.&nbsp; 
Poppe has stated that following the FOMC meeting, he expects <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-nosedives-60k/" rel="nofollow noopener" target="_blank">BTC to consolidate and go sideways </a>while altcoins heavily outperform as rotation kicks in. He has also <a href="https://x.com/cryptomichnl/status/1785741931412131970?s=46" rel="nofollow" target="_blank">suggested</a> that the present market condition characterized by BTC’s decline makes it a favorable time for investors to <a href="https://www.newsbtc.com/altcoin/crypto-altcoins-parabolic-curve/" rel="nofollow noopener" target="_blank">buy altcoins.</a> 
“Bitcoin reaching sub $57,000 pre-FOMC as tonights’ FOMC is one of the biggest ones of the year. I expect us to bottom anywhere soon. Altcoins have bottomed already, and I think that’s where you’ll find the ROI,” Poppe stated.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/aHCXCiEW/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

Is The Bitcoin Bottom In? Analysts Predict Upside Following 20% Decline

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Bitcoinist

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