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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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.