The Bitcoin price surged above $50,000 and mounted a sustained rally to $53,000 before retracing back downward, something that has taken the market by surprise. However, with expectations waxing stronger for the cryptocurrency, it could signal time for a possible correction and crypto analyst and market expert Michaël van de Poppe believes this correction could be as deep as 40%.
Sentiment Can Tell The Wrong Story For Bitcoin
In a post made on X (formerly Twitter), the crypto analyst outlined a number of things that could affect the Bitcoin price, be it positively or negatively, and one of those is market sentiment. Michaël van de Poppe explained that market sentiment “is always a wrong indicator” and is something that investors should apply in their strategy.
To drive this point further, the crypto analyst gave a couple of examples where sentiment has proven to be wrong. The first is the Spot Bitcoin ETF approvals, which saw calls for a new Bitcoin all-time high. However, while
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