Crypto Analyst Sees Positive News for Bitcoin (BTC) Traders Despite Market-Wide Drop

A widely followed crypto trader is maintaining a positive sentiment on Bitcoin (BTC) despite the king crypto being down 3.6% in the last 24 hours.

Amid the market-wide crypto price drop, trader Michaël van de Poppe tells his 663,200 X followers that the next few days will be telling for BTC.

“Below $29,700 is no party for Bitcoin, so we dropped towards the next support region.

Deviation or continuation?

That’s the question for the coming few days.”

BTC is worth $27,995 at time of writing, nose-diving, and bringing the rest of the markets down with it, in the last 24 hours.

With a note of sarcasm, Van de Poppe jokes that the drop means BTC will tumble all the way down to $12,000.

“Basically, since Bitcoin dropped $200, it’s $12,000 next…

Bitcoin at $12,000 already?”

On a more serious note, the trader sees plenty of reasons to be bullish on BTC. For one, Coinbase was just approved by the National Futures Association (NFA) for crypto futures.

“Coinbase getting NFA approval for crypto futures is extremely positive for the Bitcoin and crypto markets.”

Van de Poppe also points to Grayscale moving forward with hiring more exchange-traded fund (ETF) team members as a good sign for Grayscale in its lawsuit against the U.S. Securities and Exchange Commission (SEC).

“While Open Interest is rallying substantially, we’re getting some interesting news.

Grayscale wins the case against the SEC for Bitcoin ETF?”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/antishock/Natalia Siiatovskaia