Loading… Loading…
Popular crypto analyst Michal van de Poppe has projected a prolonged recovery period for Bitcoin BTC/USD while anticipating a surge in altcoin performance.
What Happened: Van de Poppe, in a recent post on social media platform X, suggested that Bitcoins recovery might be a lengthy process.
He wrote, Its going to take a while for #Bitcoin. However, most of the downside is done. There might be another 5-10% correction, but from here, altcoins are going to take over until Bitcoin breaks the all-time high.
See Also: Are Dogecoin And Shiba Inu Due A Bounce? This Trader Sees Bull Flag Forming For One Coin
Why It Matters: This forecast comes at a time when the cryptocurrency market is experiencing significant turbulence. Just a day before, another analyst, Ali Martinez, had suggested a potential 99% surge in Bitcoins value, based on historical data, and advised investors to buy the dip.
Despite the recent market volatility, Bitcoin has continued to outperform other asset classes, as highlighted by economist Mohamed El-Erian.
However, not all analysts are as optimistic about Bitcoins future. Renowned economist and gold bull Peter Schiff recently identified a bearish technical pattern in Bitcoins chart, suggesting that the ongoing selloff could continue.
Price Action: Bitcoin is currently trading at $57,726, marking a 0.93% decline over the last 24 hours. At the same time, Ethereum was up 3.1%, Solana was up 10.5%, and Dogecoin was up 3.8%, according to the data from Benzinga Pro.
Read Next: Shiba Inus Burn Rate Soars, Cathie Wood Believes Ethereum Could Catch Up To Bitcoin And More: Top Crypto Updates This Week
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.Loading… Loading… Market News and Data brought to you by Benzinga APIs
2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
