Crypto analyst and trader Michaël van de Poppe believes that the Bitcoin price is likely to undergo a significant correction before the next major rally can begin.
At the same time he sees the XRP course as having the potential to reach a new high soon.
The well-known Crypto analyst told his 87,000 Twitter followers that the Bitcoin Code could plunge up to 26% from its current level in the coming weeks. After that he expects a new Altcoin boom to start.
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Bitcoin price could plummet to $14,000
On Monday, Van de Poppe found the right words on Twitter to celebrate the achievement of the all-time high (ATH) after 3 years and to congratulate all those who still held on to Bitcoin (BTC):
Congratulations to the majority of the crypto-twitterers, you have finally reached the break-even on your position. It’s been a tough three years… Very cool what’s happening today and funny that we are just at the beginning of this new cycle.
But at the same time, he warned his followers of an impending correction in the Bitcoin rate, which he believes could push the leading crypto currency back to a price of $14,000 per BTC.
I still believe that a correction is due at the BTC… One more correction towards $16,000 or $14,000 and then the real old season and party can begin.
XRP price with further upside potential of up to $1
Van de Poppe is also closely monitoring the XRP price to see where the third largest crypto currency by market capitalization might go next.
We can see that we have seen a very massive uptrend on several stock exchanges from $0.20 to even $0.80. We have made a nice breakthrough that allows us to define two support levels on the daily time frame, which is about $0.30 and about $0.45…
In his opinion, Ripple’s native crypto currency must hold the $0.635 level to prevent a major downward movement. If it succeeds in doing so, he believes the XRP price could head for a new high of around $1.
We can see that we are trying to break through the resistance range here. However, if we want to maintain support, we must hold above $0.635. If that is maintained, we could be heading for a new high, which could be around $1.00. With a loss of $0.635, markets should look to $0.45 to $0.47 as a new support zone.