Some crypto enthusiasts are freaking out at the sight of Bitcoin and Ethereum today. Most coins in the crypto market are seeing a significant drop in price.
But while there are a lot of people who are freaking out, some say that this is just a healthy correction.
Here’s Binance’s CZ post on Twitter, for instance.
#bitcoin crashed, back to its ATH 5 days ago, at $50,000.
— CZ 🔶 Binance (@cz_binance) February 23, 2021
The online publication the Daily Hodl notes that there’s an analyst who anticipated that there would be a significant correction this month, and he’s now mapping out his key price levels for the two most important coins by market cap.
Bitcoin saw red candles in February and March
The same online publication notes that Michaël van de Poppe highlighted the fact that Bitcoin has historically witnessed red candles in February and March, with significant pullbacks unfolding this time of year in both 2018 and 2020.
Check out what he had to say in the video below.
He also made sure to address the fate of Ethereum.
The analyst says he’s looking for a drop against Bitcoin (ETH/BTC) to the .032 to .029 area, which is currently at about $1,700 to $1,530.
It’s important to highlight the fact that he noted that the correction is healthy and the bull market structure still remains intact.
He’s also outlining what it would take for him to start worrying about the price trajectory of ETH.
“It’s different than in the past months. In the past months, Bitcoin dropped, and altcoins shot up. In this case, we see that Bitcoin drops and altcoins drop along with Bitcoin, which means that that is a sign of weakness…” he said.
He continued and explained, “You don’t really want to see the price of Ethereum/Bitcoin drop below .023 [$1,220]. I do not expect that to happen.”