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.”
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. Nonetheless, it has surged by 30.69% since the beginning of the year, according to the data from Benzinga Pro.
Image Via Shutterstock
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