A widely followed analyst says recent regulatory concerns from the U.S. Securities and Exchange Commission (SEC) will only strengthen the crypto ecosystem.
Crypto analyst Michaël van de Poppe tells his 648,200 Twitter followers that the SEC’s recent crackdowns represent a huge hit on crypto, but traders should trade Bitcoin (BTC) based on price, not context.
“The SEC regulatory discussions are something to keep an eye on.
However, the ecosystem will only become stronger out of this entire thing.
We’ve just had the largest attack on crypto in 2022 and since FTX price rallied more than 40% for Bitcoin.
Erase context, trade price.”
Focusing specifically on king crypto Bitcoin, Van de Poppe expects some minor dips for BTC before it takes off.
“So far, so good.
If you’d want to get an entry, then you’d be looking at a case at $22,300 for longs.
I think we’ll continue the upwards trend from here.
Hence, buying the dips. Also on Bitcoin.”
With BTC worth $24,822 at time of writing, Bitcoin appears to already be on Van de Poppe’s predicted upward trend.
The trader expects BTC to continue trending up. He predicts Bitcoin will jump by upwards of $10,000 soon.
“Corrections are relatively short-lived in an upwards trending market.
Higher timeframe levels get one test and then markets start to shoot upwards, as people over short the correction.
Breaking $25,000 and we’ll continue towards $30,000-35,000 for Bitcoin.”
Moving on from BTC, Van de Poppe also breaks down the trending Ethereum (ETH) rival Fantom (FTM).
“That’s a 40% bounce on FTM from the desired level.
Expecting that we’ll stabilize for a bit, so I’d be interested at $0.47 and $0.52 before we start to continue rallying.”
FTM is trading for $0.58 at time of writing, up nearly 7% over the last 24 hours.
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Generated Image: Midjourney