Bitcoin has experienced a bit of ups and downs this week following the Trump Tariff announcement on Thursday.
It started this week at $84,000, surged up by 10% to $87,000 on Wednesday, and now trades at $83,000.
Over the last 24 hours, about $89 million has been liquidated, according to Coinglass. Most of that was from long positions, which are traders betting the price would go up.
Crypto trader Michaël van de Poppe, also known as Crypto Michaël, in a recent YouTube video, shared his thoughts on the price movement. He explained that price dips like this are normal after Bitcoin halving events. According to him, this is the time when “smart investors” look to buy, as the market is simply resetting.
Van de Poppe added that “Corrections are healthy,” and emphasized that markets tend to move in waves. He reassured traders not to panic, saying that Bitcoin is still in an overall uptrend. He also noted that Bitcoin is currently at a key price level.
He also believes Bitcoin is currently at a key level. Michael says the price might drop to $65,000 if it fails to stay above the $68,000 level.
While Bitcoin remains the focus, van de Poppe also sees growing potential in the altcoin market. He suggested that as Bitcoin consolidates, attention could shift to altcoins, which may begin to see gains.
He also noted that altcoins have endured a “disastrous” quarter. “The altcoins have been seeing a disastrous quarter, and Ethereum dropped by more than 44% in a quarter,” he said, emphasizing that this is “the worst period for Ethereum to date, except for one outlier, which was in 2018.”
Despite the downtrend, van de Poppe believes that altcoins will eventually recover. “I actually would say we don’t have any bull market at all. We just have a Bitcoin run,” he stated, suggesting that the current situation could still lead to an eventual rebound in altcoins once conditions stabilize.
Meanwhile, some people think this dip is just a shakeout. That means institutional investors are trying to push weak hands out before the price moves up again. Crypto Michaël called this drop “a gift” for those who missed buying earlier.
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