Bitcoin’s price fell far below $30,000 on Friday, and other cryptocurrencies were also trading in the red. Ethereum, the world’s second-largest cryptocurrency by market capitalization, has dropped more than 5%. The worldwide cryptocurrency market was down 4.46 percent over the previous day on Friday, May 27, and was at $1.19 trillion at the time of writing.
In recent weeks, cryptocurrency prices have plummeted. Following a 17 percent decrease in April, Bitcoin lost more than 20% of its value in May, illustrating the risks faced by investors of the extremely volatile assets.
Breakthrough Nearing for BTC
Michael van de Poppe, a well-known crypto analyst, predicts a Bitcoin breakthrough in the near future. BTC is on the verge of a resurgence, according to the crypto trader, and two fundamental analysis (FA) elements will most likely cause it. Van de Poppe also discusses his expectations for Bitcoin in the following months.
The analyst claims that the layer-1 blockchain of Ethereum’s rival Fantom (FTM) is ready for longs. “This one played out nicely. Not a bad place for longs now,” he said.
The crypto trader then turns his attention to Ethereum, which he believes must break beyond $1,940 to continue to rise. He believes that ETH will continue to $2,050 if it can bounce from here and breach the $1,940 level. If it doesn’t, the markets will most likely be looking at $1,800.
Van de Poppe also assesses the altcoin markets as a whole, which he believes is rapidly deteriorating. Markets are seeing general weakness, with altcoins plummeting. Unless the general mood shifts, this is likely to persist in the near future. In that situation, he said to concentrate on USD pairs until the dominance of BTC reaches 50-52 percent.
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