Bitcoin (CRYPTO: BTC) is maintaining its position amid market uncertainty as traders anticipate the Federal Reserve’s upcoming policy meeting, with a prominent analyst suggesting the cryptocurrency may have reached its correction low.
What Happened: Cryptocurrency analyst Michaël van de Poppe, founder of MN Consultancy, stated on X that Bitcoin is “holding up nicely” despite recent market turbulence. “I think we’ll see the low of the correction today-tomorrow. FOMC meeting coming up, standard correction prior to it. Up-only season around the corner,” van de Poppe wrote.
The leading cryptocurrency traded between $93,000 and $95,000 on Monday, hitting an intraday high of $95,193.19.
Van de Poppe’s optimism aligns with his earlier predictions. In a separate analysis, he noted that a rally in gold indicates a “risk-off mentality” ahead of Wednesday’s Federal Reserve meeting, but maintained that “Bitcoin build-up is good.”
Why It Matters: The timing of van de Poppe’s prediction is significant as markets await the Federal Reserve’s decision. The CME Group’s FedWatch tool projects a 98.2% likelihood of the Federal Reserve keeping current interest rates unchanged in its May meeting, with a 79.1% chance of a cut after the July meeting.
Competing market analysis from cryptocurrency analyst Benjamin Cowen presents a more cautious view, warning that Bitcoin’s current pattern resembles its 2019 setup, where BTC surged 42% post-death cross, only to crash to a lower low weeks later. Cowen emphasizes that unless Bitcoin closes above $96,500, the current move could prove to be another fakeout.
The global cryptocurrency market capitalization currently stands at $2.94 trillion, with the market sentiment shifting to “Greed” according to the Crypto Fear and Greed Index.
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