Stating that the leading crypto money has finished its declines as of yesterday, Michael Van De Poppe seems to have made a short-term mistake. After Poppe made this statement, BTC, which fell sharply, started its upward movement by bottoming at $ 26,000.

Sharing his new predictions on his Twitter account after this decline, the successful analyst explained the level that the leading crypto money must break in order to continue to rise:

   “Bitcoin has cleared all liquidity under it and dropped towards the $26,000 support. Even though the bearish move has been overextended, there is still support around $24,000 that can be tested.”

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Stating that Bitcoin cleared all liquidity by falling to the support of $ 26,000, Poppe points out that the downward movements are prolonged. Explaining that if there is another collapse in the following hours, BTC will bottom at $ 24 thousand, the successful analyst believes that $ 29,600 must be broken in order for the rise to begin.

   "If a new uptrend is to start, the $29.6k resistance must be broken first."

The leading crypto currency is currently trading at 29 thousand dollars. BTC, which has still not been able to fully return, was worth up to $ 30,000 in the past minutes. Although the leading cryptocurrency, which could not break the $ 30 thousand resistance, experienced a decline, it is expected to continue to rise if it does not sag below $ 28,800 in the following hours.

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BTC 'relatively strong'

Meanwhile, Ben Caselin, Head of Research and Strategy at crypto exchange AAX, said that during the last sale, Bitcoin was "relatively strong" compared to the majority of altcoins, with data such as the number of addresses holding at least 0.1 BTC.

Caselin said that in such situations, institutions can “observe how liquid Bitcoin is and how it performs during a crisis.” The AAX analyst predicted that more investors could invest in Bitcoin as a result.

Finally, Caselin said that as a result of the decline in the UST and Terra (LUNA) network, "a change in dominance in favor of Bitcoin and Ethereum is likely".