Crypto trader Michaël Van de Poppe says even though Bitcoin BTC/USD is experiencing a price drop, he does not believe the crypto market is entering a bear market, and anticipates a lengthening post-halving cycle.
What Happened: During a recent strategy session, Van de Poppe told his 148,000 Youtube subscribers that there are larger market factors causing the price of the apex cryptocurrency to drop.
“I really believe the reason why Bitcoin is dropping right now is because of the macroeconomics taking place,” Van de Poppe said. “But regardless of that, I’m still very sure that the markets are not going to have a bear market at this stage.“
The crypto analysts indicated that the current pullback is overdue. “In September we’ve had one, but since then no real correction has been taking place.
So finally we’re getting it, and when the dollar is showing strength it would make sense that the equities are going to have some pain too," Van de Poppe said.
What’s Next: Van de Poppe says $55,000 is an important support level for Bitcoin, but is anticipating a potential drop to the $48,000 level. He believes that such a correction would not mark the end of the bull run.
“I still believe that we’re bullish in markets, and we’re just having a very natural corrective move before we’re going to accelerate again in 2022,” Van de Poppe said.
At last check Bitcoin was priced at $54,481.16, an increase of 0.17% in the past 24 hours.
Related Link: This Big US Investment Bank Is Doubling Down On Its Bitcoin Exposure
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