Benzinga - Popular crypto analyst Michaël van de Poppe has projected a prolonged recovery period for Bitcoin (CRYPTO: BTC) while anticipating a surge in altcoin performance.
What Happened: Van de Poppe, in a recent post on social media platform X, suggested that Bitcoin’s recovery might be a lengthy process.
He wrote, “It’s 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.”
It's 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. pic.twitter.com/sejObsUuzz
— Michaël van de Poppe (@CryptoMichNL) May 2, 2024
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 Bitcoin’s 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 Bitcoin’s future. Renowned economist and gold bull Peter Schiff recently identified a bearish technical pattern in Bitcoin’s 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 Inu’s Burn Rate Soars, Cathie Wood Believes Ethereum Could Catch Up To Bitcoin And More: Top Crypto Updates This Week
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