Bitcoin

<div class="dailyhodl">
 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.
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 “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">
 <figcaption id="caption-attachment-190710" class="wp-caption-text">
 Source: Michaël van de Poppe/X
 </figcaption>
 </figure>
 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">
 <figcaption id="caption-attachment-190710" class="wp-caption-text">
 Source: Michaël van de Poppe/X
 </figcaption>
 </figure>
 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
 </figcaption>
 </figure>
 ETH is trading for $2,997 at time of writing, up 4% since yesterday.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/as-crypto-prices-and-sentiment-fall-one-analyst-says-bitcoin-s-back-slide-is-almost-over-tbt87274.html">https://thebittimes.com/as-crypto-prices-and-sentiment-fall-one-analyst-says-bitcoin-s-back-slide-is-almost-over-tbt87274.html</a>

As Crypto Prices and Sentiment Fall, One Analyst Says Bitcoin’s Back Slide Is Almost Over

TheBitTimes

Other articles published on May 2, 2024

Pantera Capital Boosts Crypto Through TON

Bitcoin Slump Pushes New Whales Underwater: A Rare Opportunity To Buy?

Senator Lummis Challenges Biden’s Crypto Policies

Iran’s Crypto Mining Funds Terrorism, U.S. Lawmakers Warn

MoonPay and PayPal Join Forces to Expand Crypto Purchases in the U.S.

What The FOMC Meeting Means For Bitcoin's Next Move

Join our free newsletter for daily crypto updates!