Benzinga - by Rounak Jain, Benzinga Staff Writer.
Crypto analyst Michael van de Poppe has advised investors to remain calm despite the recent dip in Bitcoin’s (CRYPTO: BTC) value. The analyst has suggested that these market corrections could be viewed as buying opportunities for traders.
What Happened: The analyst suggested that these market corrections could be considered buying opportunities for traders, especially Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB) and other altcoins.
Van de Poppe, who has over 702,600 followers on X, said that the recent dip in BTC’s value was expected from a technical standpoint. He also believes that the current market correction could be an indication that the pre-halving peak is near.
"Don’t be afraid, we’re at the start of a bull cycle. Enjoy the dips."
Don't be afraid, we're at the start of a bull cycle.Enjoy the dips.
— Michaël van de Poppe (@CryptoMichNL) March 15, 2024
He further predicts that altcoins are likely to follow Bitcoin to an all-time high – Van de Poppe thinks there is potential for a two to five times jump in altcoins once the correction in BTC is over.
My personal gameplan:▫️ Having some cash reserves at this point to anticipate a potential correction.
▫️ Using those cash reserves to position more into #Altcoins.
▫️ Riding for a potential 2-5x on altcoins after the correction is over.
▫️ Rotating most towards #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) March 15, 2024
Why It Matters: The recent dip in BTC’s value has sparked a range of reactions from market analysts.
A 10x Research report suggested that BTC could decline to $63,000, warning of “fragile” market segments and potentially volatile returns.
Meanwhile, a BitMEX crypto trader has suggested that Bitcoin’s rally is over, pointing to several bearish indicators.
Despite these warnings, El Salvador President Nayib Bukele has reaffirmed the nation’s commitment to its daily Bitcoin acquisition program, stating that the program will continue until Bitcoin becomes “unaffordable with fiat currencies.”
Price Action: At the time of writing, Bitcoin was trading at $69,260, up 1.54% in the last 24 hours, according to Benzinga Pro.
Read Next: ‘Dogecoin To The Moon’ — Elon Musk Just Broke His Long Silence On DOGE And If Tesla Will Accept The Good Boi Anytime Soon
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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