While a potential rebound is expected from this point, van de Poppe noted that if there is a further decline, then the $56,000 to $58,000 level will be an important close range to watch. Bitcoin dropped as low as $56,555, its worst price since at least Feb. 28.
Like other analysts and market voices, van de Poppe is optimistic about a major rebound for the leading cryptocurrency. While he did not issue a price target, there was a reversal projection in the short term.
The coin is at risk of being designated an investment contract by the United States Securities and Exchange Commission (SEC). If successful, the chances of securing approval for spot Ethereum ETF are low, a reality that is further dampening sentiment for the coin.
Overall, Solana (SOL), Binance Coin (BNB) and XRP also nosedived by more than 7% each. To Michael van de Poppe, altcoins will likely rebound before Bitcoin.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
