- Michaël van de Poppe said that Bitcoin to $44,000 would be a fair standard correction.
- BTC is trading at $47,547.20 at the time of writing.
Crypto analyst and full-time trader, Michaël van de Poppe said that Bitcoin to $44,000 would be a fair standard correction.
van de Poppe’s tweet comes after the crypto market cap saw $100 billion vanish in a day as BTC dumped below $48,000 for the first time in five days.
#Bitcoin to $44K would be fair, pretty standard correction.
— Michaël van de Poppe (@CryptoMichNL) August 25, 2021
Just a couple of days ago, the largest crypto by market cap surged and hit multi-month highs. As a result, Bitcoin rose above $50,000 for the first time since mid-May. The crypto was trading at $50,400 at that time.
However, Bitcoin failed to continue its trend. Thus, it dropped under the $50,000 mark and kept dumping. According to CoinMarketCap, BTC is trading at $47,547.20 at the time of writing.
In addition, this volatility in the past 24 hours has caused pain for some leveraged traders. Some data shows that the liquidations within this period have gone to over $450 million. But van de Poppe thinks even if BTC drops to $44k, it would still be a fair or pretty correction.
The crypto analyst tweet didn’t go unnoticed as his followers and the crypto community reacted to the tweet. Some say that they are eagerly waiting for the largest crypto to dip so they can buy more.