Michaël van de Poppe is ‘Positively Surprised’ Bitcoin Holds Above $28k After the False ETF Rumor – Here’s What He Expects Next
Bitcoin is stabilizing above $28,000 after a wild day of price swings. On Monday afternoon CET time, the cryptocurrency soared from $27,900 to over $30,000 within minutes following a false report that the SEC had approved a spot Bitcoin ETF by BlackRock. Though BlackRock refuted the rumor within hours, Bitcoin maintained much of its gains even after retracing to around $28,000, just as quickly as it had spiked up.
According to crypto analyst Michaël van de Poppe, who has over 670,000 followers on Twitter, the resilience of Bitcoin’s price is a positive sign. “Positively surprised that Bitcoin is currently above $28,000 after the debacle of yesterday,” he tweeted on Tuesday. “Still expecting it to be ‘Buy the Dip’ season, through which I assume that, if we reach $27,300/$27,700 you’d be a buyer.”
The false ETF rumor sparked a frenzy of buying that quickly pushed Bitcoin up over $2,000 Monday afternoon. Some speculate the rumor was intentionally spread to manipulate the price. Regardless, it demonstrates the sensitivity of Bitcoin’s price to speculation around SEC approval of a spot ETF in the US.
Van de Poppe thinks any dips back to the mid-$27,000 level may present good buying opportunities for investors confident in crypto’s long-term trajectory. However, regulatory uncertainty and high volatility remain risks. Monday’s price whipsaw highlights the unpredictability of news-driven swings in Bitcoin’s value.
Read hear about: Which Traders Took the Hardest Hit from Bitcoin’s Fake ETF Rally?
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